Women taking boot camp mentality toward debt

Tag : women boot

Many people are struggling under the heavy weight of debt. But somewomen are starting to flex their financial muscles and fight theirway through it, thanks to a special boot camp.

Normally, when you hear the words boot camp, you think of amilitary style boot camp. But in today's tough economy, a new typeof boot camp has emerged. One that helps women battle their debt.

It's called the Debt Free Boot Camp and it's run by the BottomlessCloset. The organization offers career, financial, and personaldevelopment services to women in New York.

Candice Cooper, from Brooklyn, is one of those women. One year ago,this single mom of two was buried in over $20,000 of debt anddidn't know how to get out. Cooper said, "My credit got bad,things got backed up, bills weren't paid, charges started toaccrue."

To climb out, Candice enrolled in boot camp. Tami Peter is a bootcamp's drill sergeant and debt counselor. Peter said,"I’m so passionate about trying to empower women throughfinancial independence because women's self-esteem increasesexponentially when they are in control of their finances ratherthan their finances controlling them."

One of the first steps Peter suggests to clients is to write downevery single thing they spend money on for 30 days. Peter said,"One hundred percent of the time women have told me they areshocked at where there money went and they didn't know takinginventory of where money goes is the first step, then figuring outwhere you can cut back on some expenses."

Another suggestion? Get on the phone with collection agencies andcredit card companies and try to negotiate a lower business rate,or even a settlement of less than you actually owe.

Peter said, "There's more cooperation from creditors becausethey would rather get partial payment than no payment at all."

Another important tip, keep only one credit card, the one you havehad the longest. Get rid of the rest.