Have you finally made the decision that you are tired of the mountain of personal debt that squeezes you every single month? Or are you still spinning your wheels, living on that small paycheck to paycheck, just wishing you could be debt free?
Amazingly there are active and proven ways to reduce and eliminate debt, yet one of the problems is getting over the fear factor. The majority of individuals or couples would prefer to be free from their debt issues, but the starting point and that fear factor seems to be the biggest obstacle.
Are you falling into the category of the millions that carry a credit card and just use it for everything? Do you look at your statement each month, perhaps not, since it will probably knock you to your knees with the amounts that you added to your credit card each month and then, wait for it….that nasty enormous interest rate that we most of the time forget about. Over time it builds up and gets away from us and before we know it we are deep in debt and wondering, how did it happen?
For some the answer seems to be to borrow more money, to use one credit card to pay off the other, to rob Peter to pay Paul. Yet there are ways to win the battle over your debt, find your own personal way and start right now. Find the way to change your present lifestyle for a better tomorrow.
- Stop buying those impulse items at the gas stations, at the convenience stores, really, you do not need another overpriced energy drink. (Okay if you need one go to the grocery store and buy in the six pack). Did you know that the majority of people that buy those last minute impulse purchases have no idea what they paid for the items. Really, I did a simple survey at a local gas station/convenient store asking people how much they paid for items and most of them said they just grabbed it and swiped their credit or debit card.
- Pay with cash, yes get back to holding those dollar bills in your pocket, amazingly if you do not have the cash in your hands you can not buy. You will have a better grasp on how much you spend on items instead of just swiping a card and attempting to figure it out later.
- Ask yourself if you really need to purchase the “hot” item that was sale, find a way to do without it especially on big ticket items.
- Find a way to pay down your credit card debt, there are many resources available, find a system that would work for you and your situation
- Bring in extra income and apply it to your debt in order to get it paid down faster. Many people are taking on part time jobs, and applying that extra income to pay down their debt. How long are you going to have to work those extra hours? You have to ask yourself, how fast do I want to be out of debt?
- After the debts are paid, keep that extra job and learn to start saving some money, look down the road to your retirement, open an IRA. Again, get past that fear factor and, just do something.
- Take a look at your credit report. I know some people that are afraid to see what is on their report. Really? You have to review your report to see if everything is accurate. Wrong entries can really hurt your credit. You can get your free report and some great advice at Credit Karma
- Get moving, get rolling, make a plan, take action. I do not know what got you into this predicament. Some say it doesn’t matter others say learn from your mistakes. So going forward, hopefully you can see what put you into this situation and now you must find ways to reduce and eliminate debt, get over that mountain.
- Put together a monthly budget, stick to your budget and learn to pay all of your bills on time.
- Get yourself knowledgeable on the way credit card debt and all around debt works, and your best options to get out of debt and start saving money.
- Learn to live debt free, it is a great feeling, learn to control your spending, get on that budget and stay with it.
If you are making a decision to refinance your home, or going the route of loan consolidation, make sure you shop around for the best rates. Start with a legitimate place such as bankrate.com
Yeah okay, you got debt, you are not alone, follow these steps, learn to organize your daily activities, and start working on your own personal ways to reduce and eliminate debt. Find a way to get everything in order to improve you lifestyle, plan for your retirement, figure out how to get over that mountain.
Preparing yourself for a better tomorrow takes time, knowledge and commitment. You can stay in the same old rut that you are presently in and keep complaining about prices, being broke and how bad your job is, or you can learn to improve your options and have a more strong, secure future.