How to Reduce Debt

How to Reduce Debt - The Do-It-Yourself Approach A do-it-yourself (DIY) approach can work successfully in debt reduction or debt elimination. Here are some ideas on reducing debt that you can do right now. 1. Knock Off Using Credit If you haven t done... More

How to Reduce Debt - The Do-It-Yourself Approach A do-it-yourself (DIY) approach can work successfully in debt reduction or debt elimination. Here are some ideas on reducing debt that you can do right now. 1. Knock Off Using Credit If you haven t done this one, then this is the place to start. Put the credit cards and line-of-credit checks under lock and key, and operate as if you don t have them at all. Figure out how to make more income and pay cash instead. This is the single most effective action you can take. 2. Never Commit to Spending More Than Your Income When you pay for an item with credit because you don t have the cash, you are committing your future income to pay the credit company. Then you experience economic slavery. Ask yourself if you just want the item or if you really need it to increase your production of income. If you need it, figure out how to make the cash to pay for it over a short period of time, rather than buying on credit. Find ways to increase Less