A Collection of Debt Reduction Wisdom

No two debts are the same, so why should there be one simple solution to every debt problem? Don’t think of this list as a step-by-step guide. Rather, mentally pick out ideas that might, could, or will work for you as you read through it, and start saying goodbye to debt!

1.Don’t let the debt depress you, and instead focus on the positive. Think about what it will be like to be debt free, and make that a key motivator.
2. Keep your eyes peeled for any opportunity to increase your income. The more money you make, the more you can throw at the debt or save. Take your job seriously, pick up whatever odd job you can, and maybe even consider making money from a hobby.
3. Cut the fat in your life and trim off any excess expenses you don’t need. Love living simply and look for cheaper ways to do what you already do. Walk or ride public transit instead of driving, for example.
4. Along the same vein, try to save money on everything and anything you buy. Choose generics over brand names and look for tricks to save on utilities.
5. Who cares what they think – reuse, recycle, and re-purpose whenever you can. Grocery bags make great garbage bags, and that empty margarine tub works great for storing leftovers.
6. Get picky about fees and pay your bills on time, find alternatives to ATM fees, and look out for opportunities to save a couple dollars on the things you use every day.
7. Stop adding to your problem and cut up your credit cards, or at least put them somewhere which makes it extremely difficult to use them. Some have suggested putting the card in a cup or pan of water and freezing it – but don’t close your accounts if they have a good payment history, since that can hurt your credit score.
8. Pay more than the minimum on your credit cards, since paying the minimum will mean your debt has doubled by the time you pay it off over a decade from now.
9. Keep yourself busy some way besides sitting in front of TV or walking around the mall. Advertisements and window shopping will drive you buy-crazy.
10. As yourself if you really need something now before you buy it. If you have to, write a note reminding you to question whether you need something and put it in your wallet.
11. Set aside some money for emergencies so you don’t have to cut into your debt repayment strategy should something unexpected crop up.
12. Let others keep you honest and announce your plans to trusted friends and loved ones. External accountability is known to help people stick with difficult goals.
13. If that is an unsettling idea, use the Internet’s anonymity to your advantage and start a blog about your debt. There are plenty of simple options even a monkey could use, and encouragement from strangers could be just what you need.
14. Making a budget doesn’t take anything fancy – it’s just a plan for your money. Having a plan, any plan, even a haphazard plan, is better than no plan at all.
15. Call your credit card providers and negotiate lower interest rates. They don’t want to lose your business, since it’s cheaper to keep you than replace you.
16. Move your credit card debt to the ones with the lowest interest, but watch out for transfer fees.
17. Moving yourself could be a great way to reduce your debt too – a smaller apartment, for instance, in a less expensive part of town, could be just the lesson you’ve been needing.
18. Make sure the friends you spend the most time with live the kind of lifestyle you want to live. Being around people who spend money all the time won’t help you get out of debt.
19. Let your friends and family help. If they offer to babysit or buy groceries this week, think of it as their way of helping you reach your goals quicker.
20. If you’re the type of person where seeing the money go toward debt instead of fun, make the payments automatic so you don’t have to miss it. However, if it is motivating to see your debt decrease, make it manual.

Additional Resources

DebtRx.com
(888) 933-2879

Envision Debt Solutions
(714) 656-4145

Complete Mortgage
(989) 227-8483

Precept Financial Solutions
(972) 788-8126

Free State Mortgage, LLC
(919) 562-7283

Credit Restoration Bureau
(757) 351-1111

Lenders Financial
(570) 420-0166

TruClose Financial Services
(888) 510-9665
(412) 344-2350

American Loans
(801) 590-4627

Christian Debt Consultants
(800) 819-6843

Debt Reduction Services
(208) 378-0200

American Home Loans
(727) 898-0500

Americross Mortgage
(888) 889-4411

Austin Credit Svcs, Inc
(229) 382-4499

A Collection of Debt Reduction Wisdom

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