The Common Sense Approach To Paying Off Your Debts

In order to get out of debt, you have to first accept that you are in debt and decide to take action to eliminate the problem

. Even this first, seemingly insignificant step is, for some people, the most difficult. The debt solutions available to you are not easy, but neither are they that difficult - it just takes patience and commitment. These are the best things that you can do...

Credit cards should only be used in a real emergency. In fact, it may be a good idea to cut them up completely, as having them in your purse or wallet means that it will be easy for you to fall back into that trap of convenience that we all succumb to. Research has shown that when people use hard cash for purchases, they tend to spend less.

Reduce your interest rates. Many credit card companies have interests that exceed 20%. These excessive rates can often be negotiated down to lower rates - you just need to call your credit card company and ask. Getting rates down to 10% is not unusual if you make it clear that you are intent on paying off your balance. If they refuse then tell them that you will transfer to a credit card company with more attractive rates; doing so will nearly always make them reconsider their position.

Just paying off the minimum balance for your credit card every month is not going to help your situation at all. All this does is makes the card companies wealthier as a large percentage, if not all of this payment is going on the interest accumulated by your debt. Pay off as much as you possibly can every month to ensure that the debt is actually reducing.

Consolidate your debts where possible. It often works in your favor to make monthly payments to one lender than several. So, find out who is offering the lowest interest rates and then try to transfer all of your debts to that organization. After transferring them, be sure to close your accounts with the lenders you transferred money from to ensure that you are not tempted to use those cards again.

Earn more money. Obviously, making more money will allow you to get out of debt faster. This may sound seem like an easy thing to say but a hard thing to do, but it is not all that difficult. Asking for a raise from your current employer is one option. Even an extra 5% will make a big difference if you use it solely for paying off your debts. Other options include getting a weekend job and selling items on eBay.

As a final point, avoid the temptation to try and find a quick or easy debt solution. As much as you would like there to be an easy way out of your problems, there is not one. Some companies will try to entice you into schemes that seem too good to be true, and that is just what they are.

by: Mark Walters

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