Financial Resource

When you are in debt it can be a tough situation to get yourself out of. If you look at your credit card statement and see a figure in the thousands of dollars, it can be virtually impossible to think of debt free solutions that will help you erase that debt.

But just as a building is made from a collection of thousands of separate bricks, so your debt is made from a number of dollars. Every dollar you put towards eradicating that debt works in your favor and moves you towards being truly debt free.

With that in mind, the following techniques can help you achieve your end aim much faster.

It’s time to budget

Some people think the word ‘budget’ is a dirty word, but it could just be the best word you’ve ever heard. No one has ever got out from underneath a pile of debt without budgeting their way towards it. And once you get started, budgeting can actually be quite a fun challenge to set yourself up for!

You need to be brutally honest and ensure you look at every area of your financial life in order to get a fully rounded picture. Where does your money go each month? Where do you waste money? How much do you have left over once you have paid all your bills?

Finding the answers to these questions is the first step in using budgeting as one of your main debt free solutions.

Looking for 0% interest credit cards on balance transfers

If you have ongoing balances on one or more credit cards, make sure you look for 0% interest deals that will reduce the amount of interest you pay to zero for a few months.

Different cards offer different interest free periods. It could be anything from three months to over a year. Needless to say the longer you can get without paying interest the better. Don’t reduce monthly payments on interest free cards though. If you pay 0 at the moment and your minimum payment without interest is , you might be tempted to drop your payment down to that level.

Don’t do it! Stick with the original payment and you will be able to start paying off some of that debt very easily indeed.

Reduce your bills and outgoings

This is one of the best debt free solutions you can put into play in your life. Most household bills can be reduced in a couple of ways. For instance electricity supplies can be switched to a cheaper provider and you can also find ways of using less in the first place. You’ll save money and be doing your bit for the environment as well. Focus on each household bill and see if you can reduce it in any way.

Next up, check out all the other outgoings you have each month. When you are trying to reduce your debt it is important to pare things down as much as you can. Cancel those magazine subscriptions and read more free content online for instance. Just be sure to note down each and every saving you make and put that money towards paying off your debt.

As you can see, many debt free solutions involve tackling your debt in more than one way. If you chip away at it from every conceivable angle you will start to see the total amount you owe reducing down faster than you thought it might. And there is nothing better than watching as it gets closer and closer to zero.

Wealth Dynamics Club
Personal Power for Your Financial Life
www.WealthDynamicsClub.com

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