How Do I Get Myself Out of Debt?

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How Do I Get Myself Out of Debt?


2011

By Ric Dalberri, Founder of Retirement USA

While it might look like getting out of debt on a fast track
is difficult, the procedure doesn’t have to take as long as you think it will..
There are selected uncomplicated, straightforward ways you can take to make the
procedure go as quickly as possible.

Although this time of your life may not seem to be in a good position, taking
these little steps will quicken the pace. When you look back after it’s all
said and done, you will think ti wasn’t so bad.

Slash  Your Credit Cards

This may seem a bit extreme. In order to cut your spending and get out of debt
as fast as you can, cut up those credit cards.  This of course will not
eliminate your debt, it will however prevent you from spending what you don’t
have.

Slashing  your credit cards can look and feel that it
is very extreme.   However, when you are accustom to reaching for
them to pay for something and they are not there you can committ to your plan
of getting out of debt.

Bring to a standstill Overkill Spending

Now that you’ve slashed your credit cards to pieces and  you have to
resort to cash, you should ask yourself it the item I’m going to buy really
necessary.

Very important is to question yourself for each purchase.
Even keep a little pocket notebook with you to reinforce where you are
spending.  As an example, do you buy a cup of coffee @ a coffee
shop?  It’s much less expensive to make it at home and bring it with
you.  Even if you have to purchase ( yes, buy in order to save) a
travel (car) coffee mug and take your coffee with you.

Keep in mind that this will also apply to major purchases as
well.  If your T.V. Goes ‘kaput’, can it be repaired for less money than
purchseing a new one.  Maybe you can do without a T.V. And go back to
reading.

What ever little amount you can save should go toward your
debt.

Consolidate Your Debt

If you have high interest rates on your credit cards see if
you can get a consolidation loan from your bank or credit union.  If one
of your credit cards is considerably lower, contact them about transfering the
high interest rate cards to theirs.