subject: Get Out Of Debt In 10 Steps [print this page] Get Out Of Debt In 10 Steps
Economies around the world are suffering. It's no different in the UK and USA. Individuals may not be able to turn the economy around or change the way the global finances are dealt with, but it is well within one's personal reach to look at home first and find a solution to your own personal finanicial situation. And that starts with tackling personal debt.Here are ten tips on how to get your personal debt under control and conquer the beast that's been attacking your pocket:1. Pay the debt with the highest interest first. If you have an automobile loan that has a higher total of money owed to it that your credit cards, throw more of your monthly income at that monster first. Chances are, it is a multi-year loan with a higher interst rate than your credit cards. And if you can pay that off sooner than is scheduled by paying more money towards the principal, you have a good chance of saving alot of money that would have otherwise gone to paying interest on that loan.2. Keep your debt at a stable level. This will require you to use your credit card less than you may be accustomed to, but it is a sound way to handle not building up more debt while eliminating debt in another area of your finances.3. Use cash instead of credit cards. Budget in a certain amount of cash to be spent per week, and try not take withdraw more cash than that per week. By breaking it down into a weekly budget and only allowing yourself a minimal amount, your more likely to stick to your cash budget and not overspend.4. Cut back on the vices. Whether it's cigarettes or coffee, cut down and see how much you'll save.5. Put aside your spare change. It will surprize you at the end of a year how much spare change can add up to.6. Get rid of some of the expenses you already have. It might be a luxury that you enjoy, but if you can do without it, that money can be reallocated towards something more beneficial.7. Unless you need it, don't buy it. It's amazing how much money we spend on frivolous materials that aither hardly get used or that we don't use at all.8. Watch your energy bills. Using less electricity and gas can add up to a large amount of money saved over the course of the year.9. Set up a weekly budget, a monthly budget, and an annual budget. Check your progress often to see you are staying on track. In this way you can hold yourself accountable and this will help you stick to a budget plan.10. Be smart, control your impulses, and make wise financial choices. They will pay off.
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