Eliminating Debt

Smart Ways To Save Money

By the way, you'll find these to be straight forward, clear solutions to get you on track towards living a debt free lifestyle.

Once you begin implementing these strategies, you'll be pleasantly surprised how much happier you'll be as you rid yourself of those burdensome borrowings, increase your cash position and gain more control over your finances.

Eliminating Debt

Clear Debt Solutions

• How much debt do you have?

  First, you need to understand what you're dealing with. We know, this isn’t fun, but the best way to come to grips with understanding the size of what you owe is by getting out some paper and writing it all down. This would include the name of the debt, the monthly payment, the interest rate and the repayment period.

  We know this won't be the high point of your day; but it's important to get all of your borrowings down on paper so you fully understand what’s in front of you and how important it is to eliminate them.

• Making a budget is a crucial step towards eliminating debt. The budget will tell you where your money is coming and going, point out areas where you can cut back or eliminate spending, and help you get control of your finances to pay down your debts.

  Please take the time to put together a good budget - its soooo important to do if you're serious about getting out of from under.

• Eliminate Credit Card Debts

  The primary reason people have so much debt is because it's easy to obtain and use credit; especially credit cards. You may have found yourself losing track of how much money you spent because credit cards are so easy to use. We certainly did years ago.

  Then, bam! Before you know it, you’re maxed out on your credit cards and owe substantial debt while paying high interest rates.

  You need to get out of this trap; and the best way to start is by paying for everything in cash. Cut up all your credit cards except one; and please only use this credit card for emergencies such as a car breakdown or a medical emergency. Otherwise, you're going to keep digging yourself deeper into a hole.

• Stop Impulse Shopping

  Oh, this gets so many people. It certainly snagged us years ago. You see something you like. You have to have it; and before you know it, you’re swiping that credit card to get it.

  Impulse buying is only going to accelerate your debt situation. By putting the brakes on unnecessary spending, you'll be moving in the right direction towards eliminating it.

• Living Beyond Your Means

  Are you living above your means? Perhaps driving a car you cannot afford or wearing expensive clothing, yet you struggle to pay for food, or your house payment or perhaps your utilities while digging a deeper hole month by month?

  If this is the case, then you should make some changes. One emergency, a few missed payments and you could lose it all.

  So what can you do? First, you need a place to live, so you'll not want to get behind on your rent or mortgage payment. You can also sell your new car and buy a used one.

  You can also get rid of premium cable, expensive cell phone plans, and sell the toys such as a high maintenance snowmobile, four wheeler or motorcycle.

  You can also change your habits. Instead of shopping, get involved in a hobby, church, or you can go to the library. Perhaps you can play with the kids more often.

  We have great times just hanging out with our kids. For example, we play a lot of board games with them, interact and read to them. They grow so fast and we don’t want to miss out on those precious moments with them. That’s what it’s all about!!

• Prioritize and eliminate debt

  This is very important and it works because we and several others have done it successfully. You'll want to create a debt avalanche to begin eliminating debt. Please see snowball debt.

Debt Cures

Get Out Of Debt Quick Summary