How To Consolidate Your Payday Loan Debt
Reducing debt is a popular New Year's Resolution
, but without a specific plan, they are just meaningless words on paper. Ever hear the phrase "Failure to plan is a plan for failure?" If you are serious about debt reduction, put a plan which you can put in place to make it a reality. Brag about how you paid down some debtand share your debt reduction ideas with other folks so other people can learn from you!
Consolidating Multiple Payday Loans
If you have multiple payday loans, look for services that will work with you and your creditors and help you negotiate a settlement that is more favorable to you. You may be able to lower your total cost of paying off those debts. Many folks have had good experience consolidating payday loans.
Simple Money Leaks To Plug: A Real Life Example
John, a colleague of ours at DailyDollar had about $11,000 in debt that they wanted to eliminate by the end of 2010. Ten months ago John put a plan in place to tackle this challenge. The plan had several pieces including:
no more eating at restaurants unless absolutely unavoidable;
no more purchasing lunch at work, instead John brings food from home;
strict limit on amount of new clothes purchased;
reduction in fuel costs by better planning car trips to accomplish multiple errands at one time;
small reduction in the amount of money taken out of paycheck for retirement plan;
increased the thermostat at home by one degree during the summer;
rolled coins several times during the year and deposited to savings;
used cash back credit card to earn 2% rebate on purchases.
Getting Extra Money For Debt Reduction
In addition to plugging the money leaks, John made sure to use extra income to get their debt reduced:
increase income by selling some vacation time at work;
earned extra money from additional ten hours per week part time job;
used income tax return money to pay down debt;
used money received for birthday and Christmas to pay down debt.
Achieving The Goal Of Wiping Out A Debt
Many of the action items that John implemented resulted in a small amount of savings or extra income per month. For example, John saved $30 per month increasing the thermostat one degree in summer. John earned an additional $30 per month rolling coins. Although thirty dollars is not much by itself, all these steps combined added up to a real solution to pay down $11,000 in debt. John was able to put over $1,000 per month toward the debt and little by little the debt disappeared.
2011 Goals For John
Now that John has eliminated some debt, he is increasing the amount per paycheck that goes into his retirement account. In addition, his goal is to put 10% of his money into a savings account so that he has some money to fall back on in case he loses his job. John has some more financial freedom to buy a new suit for work if he wants or enjoy a dinner out; but only at a restaurant that has huge portions so he can get a take home box and turn one meal into two!
by: Nathan Randall Natural Ways Of Kidney Stones Treatment Distance between details in Ireland and mileage expenses Tips On Choosing A Short Wedding Dress For A Summer Themed Wedding Bed In A Bag Sets - One Option When Buying Bedding Sets Classic Womens Clothes Basics Get A Payday Loan Avail Your Pay In Advance Important and crucial info about How To Get Bigger Breasts Naturally Londons River & Bridges Part 2 Hampton Court Bridge To Richmond Bridge A Research on Men Who Got Penis-Enlargement Treatment Showed They Weren't Satisfied With the Results How Does A Weight Loss Spray Help You Lose Those Extra Pounds? Fashion Womens Slim Long Section Of Thickened Hooded Large Wool Collar Down Jackets Black Guidelines for Kelowna Web Design Enhance Your Beauty By Cosmetic Surgery