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First Steps to Debt Reduction
Consumer debt is a growing problem. Credit cards are easy to get and even easier to use. Eventually, however, the bill comes. Interest rates on credit cards can be incredibly high - 18% or higher, sometimes as high as 29%. Paying just the minimum is almost pointless. You could spend decades paying off just a small amount. And don't you dare get behind! Those late fees are insanely high and you risk having your interest rate jacked up even more. The first step to eliminating debt is to get a budget together. Track every penny you spend and get an idea of where your money is going. Sure, it's time-consuming, boring, and annoying, but it will give you an overview of your financial situation. When you've found out where you're spending your money, try to see what expenses can be cut. I used to eat out for lunch every day at work. I figured it was only a day - big deal. Yes! It certainly is a big deal! That's 0 per month that could go to paying off debt. This, however, is the hard part for many people. Put the money toward paying off your debt! The more you put into it each month, the quicker you'll be out of debt. Avoid spending that money on other junk you don't need. Avoid it at all costs! This is just a first step, but it can help you get a good outlook on your situation. Anyone can get out of debt with a little planning, a little effort, and a lot of perseverence. Just remember, after your debt is paid off you will have to make an effort to avoid digging yourself back in that hole. About the Author: Find out how to save both time and money. Find more articles, calculators and resources at Time and Money Management.
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