Is reducing debt on your priority list? It sounds like a daunting thing, mountainous, even.
But once you get started with a new mindset about money, you'll soon find that your new outlook will do something great for you - put money in your own pocket, rather than the pockets of your creditors.
Here are some helpful tips: -Negotiate.
Negotiating can be a bit of an art.
But once you start, you may find that you're doing it often and saving substantially.
Cash is king.
Instead of doing a "don't pay until next year" and then taking eons at a high interest rate to pay something off, negotiate with cash in hand.
This is a great way to reduce debt - eliminate it with cash negotiations! -Talk to your creditors about their lowest interest rate available.
You could be saving money on interest.
Negotiate wherever you can at reducing debt.
-Avoid late charges.
Paying on time can save you hundreds in debt payments on an annual basis.
When you're late, you're often getting charged interest on top of late payments.
-Pay more than the minimum.
If you continually make just a minimum payment on your charge cards, you'll find that your balance goes nowhere fast.
Pay more than the minimum and stop using the card unless you know you'll pay it off within the month.
-Don't do cash advances or overdraft.
These types of cash withdrawals will cost you a fortune.
Live within your means instead of relying on credit to get you from pay day to pay day.
-Buy second hand.
If you're buying a new car, you'll find that cars just a few years old will be substantially cheaper than a brand new car.
Shop around for the best interest rate, or better yet: pay cash.
-Don't shop on credit.
Don't use your credit cards for petrol, groceries, or holidays.
You don't want to pay off those debts for the next year with mounting interest payments.
Save up instead.
-Use coupons when buying food.
Shop carefully and buy what's in season and on sale.
Careful attention to your food buying habits will help you reduce your grocery spend, freeing up more money for debt repayment.
-Focus on aggressively paying off your highest interest debts first.
-Set some debt repayment goals.
Set a "get debt free by ____" date.
Reward yourself when you've achieved that goal! By making goals, you're more likely to strive to pay off your debts.
Reducing debt can take effort but a bit of effort can go a long way.
There are options to help you, such as credit counseling, settlements, bankruptcy, and debt consolidation.
Not all options are equal so be informed about the best potential option for you, based on your debt load, your income, and your financial goals.
But once you get started with a new mindset about money, you'll soon find that your new outlook will do something great for you - put money in your own pocket, rather than the pockets of your creditors.
Here are some helpful tips: -Negotiate.
Negotiating can be a bit of an art.
But once you start, you may find that you're doing it often and saving substantially.
Cash is king.
Instead of doing a "don't pay until next year" and then taking eons at a high interest rate to pay something off, negotiate with cash in hand.
This is a great way to reduce debt - eliminate it with cash negotiations! -Talk to your creditors about their lowest interest rate available.
You could be saving money on interest.
Negotiate wherever you can at reducing debt.
-Avoid late charges.
Paying on time can save you hundreds in debt payments on an annual basis.
When you're late, you're often getting charged interest on top of late payments.
-Pay more than the minimum.
If you continually make just a minimum payment on your charge cards, you'll find that your balance goes nowhere fast.
Pay more than the minimum and stop using the card unless you know you'll pay it off within the month.
-Don't do cash advances or overdraft.
These types of cash withdrawals will cost you a fortune.
Live within your means instead of relying on credit to get you from pay day to pay day.
-Buy second hand.
If you're buying a new car, you'll find that cars just a few years old will be substantially cheaper than a brand new car.
Shop around for the best interest rate, or better yet: pay cash.
-Don't shop on credit.
Don't use your credit cards for petrol, groceries, or holidays.
You don't want to pay off those debts for the next year with mounting interest payments.
Save up instead.
-Use coupons when buying food.
Shop carefully and buy what's in season and on sale.
Careful attention to your food buying habits will help you reduce your grocery spend, freeing up more money for debt repayment.
-Focus on aggressively paying off your highest interest debts first.
-Set some debt repayment goals.
Set a "get debt free by ____" date.
Reward yourself when you've achieved that goal! By making goals, you're more likely to strive to pay off your debts.
Reducing debt can take effort but a bit of effort can go a long way.
There are options to help you, such as credit counseling, settlements, bankruptcy, and debt consolidation.
Not all options are equal so be informed about the best potential option for you, based on your debt load, your income, and your financial goals.
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