4 Ways to Clean Up Your Debt Load
There is no quick fix to totally remove your debt load.
However with a good plan in place, you can make your life more manageable.
Here are some suggestions as to how to accomplish this.
•Budgeting your income If you have all those bills coming through the mail slot on "ignore" it's time to face the music and get down to business.
Clear off the coffee table and lay all the credit card statements and essential bills such as; power, heat, telephone and whatever it takes for you to live in your home every month.
Add them all up and compare that amount to your net income.
The difference between the two should be in the positive amount, if not, you are going to have to change your lifestyle.
This may require selling your home and getting a smaller apartment or maybe you can find additional income somehow.
•Shopping-How to make your dollar stretch Second on the list is to ask yourself, what are you spending your money on now? Consider the possibility that you might need to revamp your spending habits.
Take care of your "needs" first, then your "wants later.
Are the stores you frequent "high-end establishments"? You may have to change your loyalties here.
Hunt for sales and bargains, they are there for you to take advantage of.
Check out coupons at your local groceries store, you'd be surprised at how much you can save over a long period of time with this method.
•Credit card usage Get rid of high interest rate credit cards.
There are many credit card companies with "balance transfer plans" that offer very low interest rates.
After you set this up, make it a habit not to carry the card around with you on a regular basis, this will help you avoid "impulse spending".
•Debt consolidation If, after you have implemented these suggestions in your life you still find that you are experiencing difficulties, you should consider debt counseling and debt consolidation.
There are many companies out there that would be willing to help you get out of debt.
However with a good plan in place, you can make your life more manageable.
Here are some suggestions as to how to accomplish this.
•Budgeting your income If you have all those bills coming through the mail slot on "ignore" it's time to face the music and get down to business.
Clear off the coffee table and lay all the credit card statements and essential bills such as; power, heat, telephone and whatever it takes for you to live in your home every month.
Add them all up and compare that amount to your net income.
The difference between the two should be in the positive amount, if not, you are going to have to change your lifestyle.
This may require selling your home and getting a smaller apartment or maybe you can find additional income somehow.
•Shopping-How to make your dollar stretch Second on the list is to ask yourself, what are you spending your money on now? Consider the possibility that you might need to revamp your spending habits.
Take care of your "needs" first, then your "wants later.
Are the stores you frequent "high-end establishments"? You may have to change your loyalties here.
Hunt for sales and bargains, they are there for you to take advantage of.
Check out coupons at your local groceries store, you'd be surprised at how much you can save over a long period of time with this method.
•Credit card usage Get rid of high interest rate credit cards.
There are many credit card companies with "balance transfer plans" that offer very low interest rates.
After you set this up, make it a habit not to carry the card around with you on a regular basis, this will help you avoid "impulse spending".
•Debt consolidation If, after you have implemented these suggestions in your life you still find that you are experiencing difficulties, you should consider debt counseling and debt consolidation.
There are many companies out there that would be willing to help you get out of debt.
