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Quick debt-reducing strategies

by , 03 November 2014

Are you struggling with debt? There's only one way out: take action.

Take control of your debt by implementing the following strategies.

1. Determine your current debt situation
Before you can take appropriate action, you need to know where you stand. Find out how much money you currently owe.
2. Choose your plan of action
You can choose to pay the lowest or the highest balance first, the lowest or the highest payment first. You can pay off the cards with the highest balance first to get rid of the stress. Or you can focus on clearing your lower balance debts first, to be able to pay off the bigger debts.
3. Always pay more than the minimum payment
Whatever you do, always pay more than the minimum payment. If you continue to make minimum payments, you will be paying much more than you should in the long run.
If you think you can’t afford to pay down more than the minimum, it’s time to adjust your budget, reduce expenses, and redirect some of the money towards paying off your debt.
4. Make saving a priority
Does it seem weird that you should save more when you’re already in debt? Saving is a habit that determines your financial future.
If you can’t save, you won’t be able to get rid of debt because you won’t have the inner discipline and you won’t understand the true value of money.
It’s important to save while you’re still struggling with debt because you never know what will happen next. You may very well be able to avoid getting into more debt if you have enough money saved up.
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Quick debt-reducing strategies
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