No one plans to get into debt. Ina almost all cases, people do not even realize that they are getting into debt until at some point the amount of debt grows until it becomes unmanageable. But it does not matter if you've got a $2000 credit card debt or a $40,000 mortgage loan, it is possible to quickly eliminate the debt. It is most important that you recognize the fact that you are in debt and arrest the problem as soon as possible. Here are six tips that will aid you.
Tip #1: Track Your Usual Spending For A Month
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Get into the habit of writing down everything you spend on a daily bases, no matter how small. Remember, it is the small stuff that usually accumulates into large expenses. Your tracking should include cigarettes, bills, groceries, fast food, entertainment and even that daily lathe.
Tip #2: Evaluate Your List Of Expenses
Study the tracking that you have done. Distinguish Want from Need. Which items are non-negotiable and which can be removed. You would save money by not having that lathe, by eating at home more often, by not going to the movies too much. Set aside the money you have saved here into a separate Debt Reduction account.
Tip #3: List Out Your Debts
Make out a list starting from the lowest debt to the highest. List everything from credit cards, to car loans, student loans, medical bills, mortgage loans and everything else you owe, even that ten bucks you owe Joe in the last poker game.
Tip #4: From Spend To Pay
Use the money you have saved from cutting out your unnecessary expenses towards paying for your debts. Start off paying the debt with the smallest balance.
Tip #5: Repeat, Repeat, Repeat
Soon the lowest debt will be paid off. Congratulate yourself and move on. Start paying off the next lowest balance debt with the amount from your Debt Reduction account. Don't forget, the amount in this account will grow as each debt is paid up.
Tip #6: Get Help From The Experts
Consider consulting a company that offers credit counseling such as CuraDebt. They can be a blessing especially if your dents are substantially large. They will be able to help you negotiate with creditors to lower interests rates and ensure that you pay off your debts quickly. However, be very cautious about the company you intend to get involved in. Do your homework and read the Federal Trade Commission's list of things to look for in a credit counseling service.
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