How Do I Pay Off My Debt

2007-03-08 10:33:40

( Financial )



Day after day, I think of how to get rid of my debt. Agonizing over those monthly bills does take its toll on you, since these financial obligations prevent you from enjoying the good things that life can offer. If you want to eliminate debt from you life, whether these come from student loans, mortgage payments or even credit card debt, keep these suggestions in mind.

First of all, you need to have a budget and you need to stick to it. There is no way that I can reduce my debt if I simply keep charging my purchases. Avoid buying things on impulse and keep on the lookout for the best bargains and discounts even for basic necessities. It might be helpful to write down a list of all the expenses you make on a daily basis so that you can keep track of how much you are spending and what you can cut back on.

When you get your monthly paycheck, allocate this for the essentials such as paying utilities and bills. If it is possible, cancel those credit cards which you use less frequently. Some credit card companies allow you the option of transferring your debt to a single card so that you can incur a lower interest rate. If you keep a lot of luxury items, you may also consider selling these off so that you can pay off some of your debts.

You need to stop thinking of how do I get a loan and more along the lines of how can I pay off my debt. Debt consolidation is an option that you can turn to. Whatever you decide, you should stay in contact with your creditors. It may be more difficult once you are turned over to a collection agency which could take legal action on your outstanding debts.


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