1. Get your financial house in order.
Make a plan to sit down and examine all of your debt obligations and
rank them. Once you know where your money is going, you can decide on
how to tackle your debt problem. You can make progress by paying off
your smallest debts first, and then working your way up your list to
the larger ones. As you progress, your sense of accomplishment and
relief will help you to stay on course to remain debt free in the
future.
2. Make paying those extra amounts on
your debt obligations part of your regular monthly budget. Any extra
amount you can pay on interest payments will help you bulldoze that
debt and get you back on track financially. Even the smallest amounts
in the form of extra monthly payments will put money back into your
pocket and out of the hand of your lenders. Remember, the faster you
can pay off your debts means more money for you.
3. Stop adding debt to your debt. If
you are only making minimum payments on your credit cards, stop using
them now. Take them out of your wallet or purse, lock them up or cut
them in two if you cannot stop charging things. The only way to
eliminate debt is to pay it off and if you keep adding to it, you are
trapped. When in debt, cash is king. You should try to keep a credit
card for unexpected emergencies, but if you cannot control yourself,
you may be better off without it until your debt is under control.
4. Spend less than you earn. Make a
real effort to reign in your monthly spending so you end up with more
income than expenses every month to eliminate your debt problem.
There are items we can all cut back on, whether its coffee,
entertainment or going out to eat. Apply those savings to eliminate
your accumulated debt and you will be on your way to being debt free
forever.
5. Pay on time, every time. Knowing
exactly when to pay your monthly bills will help you avoid any
unnecessary late charges or higher interest rates. Don’t let a
late payment cost you money. Keep current on your obligations and
keep the cash for yourself instead of giving it away in the form of a
penalty.
Article provided by: America’s Debt
Help Organization, Our goal is to serve as the only debt and
financial resource you need.
You may have financial problems due to being laid off at work. Or, you have had a series of medical issues that have left you drowning in debt. Your reason is understandable, but sometimes the government is not so sympathetic. The bottom line is, they want their money.Business Liquidation
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