Options For Reducing Debt
Have you found yourself in debt? Do you suddenly have more medical bills than you can handle or have you become the sole supporter of your family? Whatever the case may be, with sound planning, you can overcome, and exceed, any of these obstacles. Follow these recommendations from the professionals for overcoming debt and jump starting your earnings power.
The first step to take is to assess the damage. Clearly detail your current debt obligations on a monthly basis and compare that to your monthly income. There are two objectives with reducing debt. The first is to begin to pay off accumulated debt, and the second is to avoid accumulating any additional debt. This can be accomplished in three different ways. One, reduce spending to pay down debt, two, increasing earning to pay down debt and three, a combination of one and two. For the sake of efficiency, let’s explore option number three.
If you’re heading to a local hair salon every month and spending $120 for a cut and color, consider the value of using a great Groupon coupon for your next hair salon visit. Take care of your color at home with one of many options available at the drugstore for less than $10. This can save over $75 a month or nearly $900 a year. Consider a part time job for the amount of time it will take to pay off your debts. If you can work weekends and evenings for an extra $150 a week, that’s over $600 a month that would go towards reducing your debt.
One of the key components here is to take the responsibility and pay off your debt regardless of the circumstances that contributed to the accumulation. The second component is accomplishing this while maintaining a great credit rating. You can do it if you set your mind to it and establish clear, realistic goals. Good luck to you!