So, you’ve got some debt and don’t know how to get out? That’s OK, you’re certainly not alone, but you want to know how to pay off debt fast. There are so many options out there that you don’t know who to believe. Just watch TV at night for a few hours. It’s downright confusing trying to figure out which type of program is right for you!
Fortunately, getting out of debt does not have to be that complicated. Not that it’s easy to pay off bills that have grown and grown – especially those that have been building for years! But there are a few simple steps that you can do all by yourself. Without having to respond to any ads. And they work for most kinds of financial problems. Not all. But most.
So, if you’re sitting back and waiting because you’re not sure what to do, here are 5 simple do-it-yourself debt reduction strategies to start with:
1) Set a goal & put it in writing!
Without a doubt, this is THE most important step for getting out of debt. If you’ve not committed to doing it, you’ll fail, plain and simple. Doesn’t matter which company you work with, or which option you choose. YOU must know exactly what you want to achieve in order for it to happen.
2) Pick one credit card and only use it for emergencies.
And get rid of all your other cards. Put them in a drawer. Or a shoe box. Or a safe deposit box. Or a sealed envelope. You can even cut them up and throw them away. If you let yourself keep using credit cards instead of cash, then you’ll keep buying things you can’t afford. And you debt will keep growing!
3) Call all your creditors and ask them to lower your interest rates.
Sometimes this works. Sometimes it doesn’t. If not, wait a month and call again. As you pay down your debt, and make payments on time, you’ll get better rates. So keep trying. Every percentage point you get reduced means more money goes to the balance.
4) Pay an extra $10 or $20 or $50 a month above the minimum payment.
Start with the card that has the lowest balance (so you’ll pay off one card quicker). Or can pick the card with the highest interest rate. Your choice. Just make sure to pick one card, pay as much extra each month that you can afford. And you’ll start paying down your debts faster and faster!
5) Reward yourself once in a while.
If you’ve got a lot of debt, it will take a while to pay it all off. Having the discipline to stick with it month after month is great, and will pay off in the end. But in the meantime, don’t forget to enjoy your life! Give yourself a reward every month, or every other week. It doesn’t have to be a cruise to tropical island (although we’d all like that type of reward). Maybe a night at the movies, or a restaurant, or a weekend away with a loved one. Don’t ruin all your progress with one big expense. But do something fun for yourself – and do it with no worries!
Dealing with debt stinks! That’s the truth, and there’s no way around it. But if you make a goal, work hard, and have some fun along the way, you’ll be making changes that will improve your life for years to come!
Need help getting out of debt? The author of this article, Kris Bickell, created www.debt-tips.com to help you learn how to find the right debt reduction program for your situation. If you’re considering bankruptcy, then learn the truth about debt settlement programs and find out if it is the right solution for your financial problems.