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The first step is awareness. You must track your spending meticulously for a full month without judgment. This creates a clear, honest picture of where your money is actually going, which is often different from where you think it's going.
Yes, if unpaid bills are sold to collections agencies that pursue legal action. Respond to any court notices to avoid default judgments.
The most effective method is to pay down your existing balances. Even a small payment can make a noticeable difference in the percentage. Alternatively, you can request a credit limit increase from your card issuers, which lowers the ratio without requiring a payment, but this requires discipline to not spend the newly available credit.
This is extremely risky and generally not advised. Withdrawals incur taxes and penalties, and you permanently lose the future compound growth on that money, which is irreplaceable so close to retirement.
Review it monthly. Your life and priorities change, and your plan should be flexible enough to adapt. A monthly check-in allows you to adjust categories, celebrate progress on debt, and ensure your spending continues to reflect your current values.
