Kill that credit card debt now!

DEAR BRUCE: Like many other young couples we lived from paycheck to paycheck. Now we don't have to do that anymore as I am finally making a decent income. We used our credit cards to keep afloat and I now have several major creditors that we owe $30,000 to. Currently I earn $85,000. Despite the bad economy, I will still be getting my yearly bonus, which should be in the ballpark of $15,000 before taxes. How would you suggest I go about attacking my debt? — Reader, via e-mail

DEAR READER: Credit card debt is a very expensive way to borrow money. I know many people do it but all the same you are paying a lot more over the years for that hamburger you thought only cost you $4. If I were you, the first thing I would attack is that credit card debt using your bonus after taxes. I would use it all on your debt. Figure out what you can use from your current income to finish it off and get rid of it as fast as possible. You have the resources to take care of this debt — all it takes now is the discipline. Get to it!

DEAR BRUCE: I recently decided that I should probably get my act together and have a lawyer draw up my will. My property is all in my son's name. Will it have to go through probate when the time comes? — Reader, via e-mail

DEAR READER.: You've done well. Congratulations on having your will done with an attorney. So many people want to do the quick way and have it done online.. If the property is all as you described there is no other. There is no reason why the will should be filed for probate. It can be filed but not probated since there are no assets. In the event that you've overlooked the assets the will is there to cover that eventuality. You've done well!

Send your questions to: Smart Money, P.O. Box 2095, Elfers, FL 34680. E-mail to: Questions of general interest will be answered in future columns. Owing to the volume of mail, personal replies cannot be provided.

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