Paying your debt may not be easy, but it is simple... if you let it be.
Okay! You feel your debt is out of control and it is too late to say, "I wish I had taken action sooner." What do you do? First of all you don't panic and you keep things as simple as possible. Secondly, look to see just how bad it really is. Third, decide which of 4 actions to take with your debts:
Ignore them.
Pay them.
Negotiate Them
Declare Bankruptcy.
This article will concentrate on #2 Paying Your Debt.
Three Additional Choices Make The Process Even Simpler
Just as there are 4 options available to manage your debt, there are three actions you can take to pay your debt:
increase your income;
decrease your expenses;
some combination thereof.
It is that simple (not easy but simple) and if you keep things simple you can better think your way out out of trouble. Sponsored Links
Pay Off Credit Card Debt
Don't let holiday debt wipe you out Apply for the right debt solution!
www.lowermybills.com
Credit Card Debt
Reduce Your Debt by 60% Debt Free in 12-36mo. Guaranteed!
www.creditsolutions.com
Credit Card Elimination
Lower your total balances by 60% Debt free in 12-36 mo. Guaranteed!
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Adding complexities, confusions, anxieties, and other non simple complications does not help. It is time for ACTION! So decide and GET THE JOB DONE!
Increase Your Income
By increasing your income even by a little bit, you can apply the extra money towards debt which in turn creates more working money to apply to still more debt. Consider some of the following options:
Sell something
Offer your services in lieu of cash (i.e. offer to mow the lawn or fix up a place for a lower rent.)
Get a temporary second job. If you already have one, get another... this is WAR!
Ask for a raise
The last item is added very cautiously and almost added to Things NOT To Do below. Getting another loan in the eyes of some is often seen as a way out of debt problem. Creditors love this scenario. And sometimes it is actually true. But I heavily caution against this attitude and have an article about it called Are You In Debt Denial. Simply put, you cannot "normally" borrow your way out of debt. All borrowing does is prolong the agony. See why in the article Balance Transfer and Consolidation.
Decrease Your Expenses
The principle stated above "apply the extra money towards debt which in turn creates more working money to apply to still more debt" is the basis for the series Rapid Debt Reduction. I encourage you to view at a minimum the first article in that series Accelerator Margin. Here are some additional ideas:
What do you do when all of a sudden the month is just beginning and you have nothing left? Read Debt Priority. Its cold and its hard. But it's fact.
Call your creditors and ask for lower interest. Surprisingly this often works if you give a good enough reason for a creditor to do so.
Look over your last 6 months of check registers to find out where your money is going. Isolate those items that you can change in your life and make a plan of action to change lifestyles to save money.
Study the following areas at this site.
FREE Money Ideas
Developing a Budget
Frugality
Visit my sister site at Frugal Living
Things NOT To Do.
"When the going gets tough, the tough get going" is an axiom that applies also to debt. But when the going gets tough, it is not time to jump from the frying pan into the fire. See Getting Out Of Financial Hot Water
Here are some cautions and DO NOT'S
Some slick promoters would like you to believe the government can bail you out and are willing to sell you the information to find out how to do it. First of all the material is free and secondly it is not designed for this purpose. See Government Grants - The Truth
Do not run out and grab the first debt counselor that happens by. Sifting Through The Debt Management Industry explores the question who are the good guys and the bad guys in this potentially lucrative industry? A similar though more updated article is Understanding Debt Consolidation Programs.
http://www.nocreditnolife.com
Okay! You feel your debt is out of control and it is too late to say, "I wish I had taken action sooner." What do you do? First of all you don't panic and you keep things as simple as possible. Secondly, look to see just how bad it really is. Third, decide which of 4 actions to take with your debts:
Ignore them.
Pay them.
Negotiate Them
Declare Bankruptcy.
This article will concentrate on #2 Paying Your Debt.
Three Additional Choices Make The Process Even Simpler
Just as there are 4 options available to manage your debt, there are three actions you can take to pay your debt:
increase your income;
decrease your expenses;
some combination thereof.
It is that simple (not easy but simple) and if you keep things simple you can better think your way out out of trouble. Sponsored Links
Pay Off Credit Card Debt
Don't let holiday debt wipe you out Apply for the right debt solution!
www.lowermybills.com
Credit Card Debt
Reduce Your Debt by 60% Debt Free in 12-36mo. Guaranteed!
www.creditsolutions.com
Credit Card Elimination
Lower your total balances by 60% Debt free in 12-36 mo. Guaranteed!
PreceptFinancial.com
Adding complexities, confusions, anxieties, and other non simple complications does not help. It is time for ACTION! So decide and GET THE JOB DONE!
Increase Your Income
By increasing your income even by a little bit, you can apply the extra money towards debt which in turn creates more working money to apply to still more debt. Consider some of the following options:
Sell something
Offer your services in lieu of cash (i.e. offer to mow the lawn or fix up a place for a lower rent.)
Get a temporary second job. If you already have one, get another... this is WAR!
Ask for a raise
The last item is added very cautiously and almost added to Things NOT To Do below. Getting another loan in the eyes of some is often seen as a way out of debt problem. Creditors love this scenario. And sometimes it is actually true. But I heavily caution against this attitude and have an article about it called Are You In Debt Denial. Simply put, you cannot "normally" borrow your way out of debt. All borrowing does is prolong the agony. See why in the article Balance Transfer and Consolidation.
Decrease Your Expenses
The principle stated above "apply the extra money towards debt which in turn creates more working money to apply to still more debt" is the basis for the series Rapid Debt Reduction. I encourage you to view at a minimum the first article in that series Accelerator Margin. Here are some additional ideas:
What do you do when all of a sudden the month is just beginning and you have nothing left? Read Debt Priority. Its cold and its hard. But it's fact.
Call your creditors and ask for lower interest. Surprisingly this often works if you give a good enough reason for a creditor to do so.
Look over your last 6 months of check registers to find out where your money is going. Isolate those items that you can change in your life and make a plan of action to change lifestyles to save money.
Study the following areas at this site.
FREE Money Ideas
Developing a Budget
Frugality
Visit my sister site at Frugal Living
Things NOT To Do.
"When the going gets tough, the tough get going" is an axiom that applies also to debt. But when the going gets tough, it is not time to jump from the frying pan into the fire. See Getting Out Of Financial Hot Water
Here are some cautions and DO NOT'S
Some slick promoters would like you to believe the government can bail you out and are willing to sell you the information to find out how to do it. First of all the material is free and secondly it is not designed for this purpose. See Government Grants - The Truth
Do not run out and grab the first debt counselor that happens by. Sifting Through The Debt Management Industry explores the question who are the good guys and the bad guys in this potentially lucrative industry? A similar though more updated article is Understanding Debt Consolidation Programs.
http://www.nocreditnolife.com
posted by The RE Blogger | 6:08 PM
1 Comments:
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