Wednesday, November 6, 2013

Debt Management: 5 Tips For Concurring Your Debt In A Set Amount Of Time

No one intentionally gets themselves into debt. Debt is something that can happen quickly, and eliminating that debt can be difficult. Eliminating debt before it gets out of control is necessary to eliminate stress in our lives. Using a payday advance loan, cutting up credit cards, budgeting and common sense are just a few of the ways you can begin eliminating debt. Below are five ways you can start the process of eliminating debt in a short amount of time.

1. Common Sense

Everyone wants nice things, and we want to buy nice things for our loved ones, but sometimes we need to tell ourselves “that’s enough!” Listen to your common sense to help eliminate debt. If you know that you don’t have the money to buy something, don’t buy it. Don’t swipe your credit card as an answer. Always use cash to keep your high interest credit cards from putting you further in debt.

2. Budgeting

The only way to get a grip on finances is to budget. Take the time necessary to set out a budget plan you can follow. Sit down with your partner and think about what you can cut spending on to help eliminate debt faster. Use coupons for groceries. Eat at home more often and stop going out to dinner. Check the cost of your cellular and television cable plans to see if you can cut some costs. Set realistic goals and follow them. A good budget can get you out of debt fast.

3. Cut Credit Cards

Getting out of debt fast is about paying off old debt and avoiding new debt. It’s time to prepare for emergencies like medical bills, car repairs and time off work unexpected. Try to build a cushion for these things so if they do happen, you don’t resort to the credit cards. Set aside something every paycheck, even if it’s only $10 for these things.

4. Payday Loans

Payday loans are great to take out if you can’t pay your bills on time, but you want to avoid late fees and unnecessary charges. If you find you can’t pay a bill on time, investigate taking out a payday loan to get your bill paid so that you don’t have rising interest fees or late fees on your bill.

5. Eliminate Debt

Now that you are saving a little money, apply that money to your debt. If you can pay just $5 more on every credit card or $15 more on your car loan each month, you will eventually eliminate that debt. Keep going until all of your debt is eliminated.

Give yourself a time line and follow that time line. If you want to be out of debt in a year, make every effort to follow the steps above. Make an effort to pay all you can towards your debt to become debt-free.

Brionna Kennedy is native to the Pacific Northwest, growing up in Washington, then moving down to Oregon for college. She enjoys writing on fashion and business, but any subject will do, she loves to learn about new topics. When she isn't writing, she lives for the outdoors. Oregon has been the perfect setting to indulge her love of kayaking, rock climbing, and hiking.

1 comment:

  1. It's all in your mind set. There is no easy solution to eliminating debt. There are a multitude of suggestions, most of which are sound. Generally, it is our mind set towards financial responsibility that gets us into a financial jamb. with that being said; change your mindset and you change your future.
    I want to leave you with a quote from Napoleon Hill; "The primary reason for failure is that people do not develop new plans to replace those plans that didn't work"


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