• The most important thing you need to do is to stop creating more debt for yourself. Do whatever it takes. Cut up those credit cards and use only money you already have. It’s hard to wait for payday, but it’s worth it when it adds up to less debt.
• Attitude is big element in eliminating debt. We often get overwhelmed and into a negative “I’ll never fix this” state. What you need to do is change that and be positive about eliminating that debt instead of ruminating on how dire the situation is. You can do it and it is possible for you to be debt free. Adopt that ‘Can Do’ attitude.
• Plan out your spending and determine what you really need, and what you really want. Make out a budget or a list for yourself that contains all the things that you would like to acquire. Eliminate all the things that you can live without. If you are used to lavish lifestyle this may be hard, but it is essential if you wish to reduce your spending habits and eliminate debt.
• Boredom is going to make you want to spend money. If we get bored we may visit shops just to see what they have in store. Next thing you know, you’ve walked out with more than you bargained for. Same with TV. It’ll entice you into buying things that you really don’t need.
• Cut down on that extravagant spending on high end products. Where in your life can you live with bargain products? At the grocery store can you spend a little less by buying the cheaper items for a while? It’s not forever, it’s just until you can get your debt under control. Remind yourself that this is a long-term positive goal.
• Are you capable of improving your income? I’ll bet you have the skills that it takes to earn some extra income on the side to help out your finances. Some people do simple surveys online and get paid for them. There are tons of avenues you can research. Turn a passion into a marketing strategy. Just be wary of online scams and research thoroughly before investing your time.
• Pay all of your bills on time. As you get behind on bills, they will charge you extra for what the lateness. By avoiding late bills, you are saving money that could go towards the debt you’ve accumulated.
• Reuse everything you can. Plastic bags work perfect as garbage bags. Keep your eyes open for things that can be reused in your home so that you can save money in the long run and eliminate debt.
Debt is a monster that will haunt you for life and ruin all of your chances of buying the things you really want in life. By applying these simple rules, you can improve your chances of reducing and eliminating your debt and the stress in your life. I promise, once you attack it head on, you’ll start to feel better about your money and about yourself.