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10 Tips to Get Out of Debt

Photo Courtesy:  Chemistry | Photographer's Choice | Getty Images

More From Til Debt Do Us Part

Til Debt Do Us Part
Take control of your money and your life!  Renowned financial author and Til Debt Do Us part host Gail Vaz-Oxlade takes a tough-love approach to helping couples in a financial crisis to face reality.How can you get out of debt and back on the road to recovery?  Click to see Gail’s 10 Tips To Get Out of Debt.  Saturdays at 10p ET on CNBC
Til Debt Do Us Part
Take control of your money and your life!  Renowned financial author and Til Debt Do Us part host Gail Vaz-Oxlade takes a tough-love approach to helping couples in a financial crisis to face reality.How can you get out of debt and back on the road to recovery?  Click to see Gail’s 10 Tips To Get Out of Debt.  Saturdays at 10p ET on CNBC

» more from Til Debt Do Us Part

<strong>Cut Your Credit Cards and Set A Budget&nbsp;</strong>

Every family that finds themselves in debt should cut up all their credit cards and live on a cash budget, keeping a log of each and every expenditure made. Use the following formula to set a budget. Keep in mind that the "life" category includes is everything from groceries, to gadgets to entertainment. Housing: 35%, Debt: 15%, Life: 25%, Transportation, 15%, Savings 10%.

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Photo Courtesy:  Chemistry | Photographer's Choice | Getty Images