If you're struggling with debt, then you're probably looking for a debt relief option. There are so many choices, that it can be hard to understand which ones really work. I can tell you that only one has worked for me. It is a debt elimination system.
First, what do I mean by debt elimination? Debt elimination is when you completely pay off your debts by paying a little extra on them each month. It is not the same as debt consolidation, where you simply borrow money to pay off your credit cards but you still have a lot of debt.
The best debt elimination system focuses on paying off one debt at a time. In most cases, you start by paying off your debt with the smallest balance first. So let's say that you had 3 credit cards with the following balances: a Visa with $1,000, a Mastercard with $2,000, and a Discover with $3,000. You'd want to pay off the Visa first. Don't worry about interest rates. You would pay off the Visa, then after it's paid off, go on to your next debt - the Mastercard. After the Mastercard is paid off, you'd attack your Discover card. You go from the smallest debt to the largest debt. Of course, you'll need to stop charging on your credit cards in order to see the full results of this plan.
Now we need to come up with some extra money to pay of debt. We'll use this extra money to focus on one debt at a time until it's paid off. Some ways to find extra money might include cutting back on spending, selling items that you no longer need, a tax refund, or a part time job.
Cutting back on expenses is the best place to look. When I was looking for extra money to pay off debt, this is where I started. For example, I started brown bagging my lunch more often instead of eating out at work. Then, I would apply my savings to paying off debt. It was amazing how small expenses really added up to big savings.
Another thing that I did was to use more coupons at stores. I would just use coupons for items that I bought anyway. I started using them for groceries, oil changes, or whatever I normally would buy. Also, I put an insulation blanket around the hot water tank and noticed a huge drop in our bill each month.
My wife and I both came up with some slight changes in our budget until we had over $200 a month to apply to debt reduction. We didn't feel like we were "doing without", either. We just arranged how we used money differently.
By working on this goal and staying focused, we paid off $10,000 in debts in under 2 years on our modest teaching salary. If this can work us, it will work for you, also.
Use this system to eliminate your debt and get your life back in order.
Debt Relief Option - Discover our debt elimination course that has helped many people obtain a debt-free, stress-free lifestyle.
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