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Debt Relief

Seven Steps To Reduce Debt

It’s critical to get reduce excessive debt under control as quickly as possible. It sidetracks other financial goals and can damage your credit rating.

Seven Steps to Reduce Debt

1. Identify the debt you owe. List all your debt, including: creditor’s name, total amount owed, the interest rate and amount you pay each month.

2. Stop creating debt. Develop a strategy to decrease impulse spending. Don’t carry your credit cards. Plan before a purchase.

3. Understand why you are in debt. It may be because of unexpected loss of income. If so, decrease spending and increase income. If another job would be too stressful, consider charging for something you do now for free, like repairing cars, babysitting, or yard work.

4. Develop a monthly spending plan. Record your spending for a month. Review ways to trim spending and put saved cash toward decreasing debt. Save for non-monthly expenses like car insurance or water bills that are paid quarterly.

5. Identify how much money you have each month for debt repayment. Determine the amount to put towards debt repayment by subtracting the amount needed for total monthly expenses (not including debt) from your total net monthly income (after payroll deductions).

6. The power of negotiation. Find an alternate creditor with a lower rate, not just six-month offers but a permanent rate for the life of the loan or credit card.

7. Talk to your creditors. If you can’t make minimum payments on your loans, talk to your creditors, including the IRS. They may be willing to temporarily suspend payments, let you pay in smaller installments or renegotiate loan terms. They would rather receive some money than nothing at all.

Are you struggling to pay off serious debt? You might have to look into various debt solutions available, ranging from an IVA and a Consolidation Loan to Bankruptcy or Debt Management. Don't leave resolving your money problems to luck - get impartial and expert debt advice now!