How to get rid of your debt 
Tip Sheet Credibility: 18
created by duderinow
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| Speaking to a professional debt adviser about your financial situation can help you move towards becoming debt free. Tip Credibility: 73 (Best Tip!) |
| Well, here is a great report I downloaded recently: http://www.theekgmoneymethod.com/debtfree/ Tip Credibility: 31 |
| Accountability is key. Set up a public blog to share your commitment to get out of debt, as well as your monthly progress. Accountability keeps you on track for the long haul. Tip Credibility: 28 |
| Consolidate all your debts together. Source around for the lowest loan interest rate and comfortable repayment. Get it and clear the first major bulk. Once done, do up a budget. And practice pay yourself and loan first. Do not take up more new loans. Tip Credibility: 27 |
| Take on more hours at work, or take on a second job, and use the additional income to pay off your debt faster. Tip Credibility: 12 |
| Find items that you have around the house and don't need any more. Sell them locally, or through a site like eBay. Use the proceeds to clear some of your debt. Tip Credibility: 12 |
| If you have multiple credit cards, take the offers that come in the mail for lower rates and pay off higher rate card balances. Just keep track of when the special rates expire, otherwise they will eventually change to higher rates. Tip Credibility: 11 |
| Pay the minimum on all cards except the one with the highest interest rate. Pay as much as you can on that card so it gets paid off fastest. Then close it and use that money to make larger payments on the next card in line. Repeat until they are all gone. Tip Credibility: 9 |
| Call your credit card company and ask for a lower interest rate. You may be surprised by their answer. Right now they are more willing to deal than in the past. As long as your account is in good standing, no late payments, etc.. Tip Credibility: 8 |
| Eliminate all your credit cards and find a way to live without them. Tip Credibility: 7 |
| Start by listing all of your debts, then listing all of your monthly bills and projected costs and figure out the MAX amount you can pay towards your debt(s) each month. Tip Credibility: 6 |
| For the debt you already have, make a budget and allocate your paycheck so you will know how much you have left. Tear up any credit cards that you have with available credit lines so you won't be tempted to spend money you could use to pay exiting debt Tip Credibility: 6 |
| Don't take another risk by taking another loan to cover your debt. It's not wise solution and just make you have more financial trouble. Tip Credibility: 6 |
| Good tip from 5buckguy to change card to lower rates, but remember to cancel old cards, don't just stopping using them. It will look like you have a lot of credit and new lenders may not like that. Tip Credibility: 6 |
| Work out a realistic plan to return x amount of money per month and to save how much. Stick by it and don't deviate from your goal. Keep track of your ins and outs every month using an excel spreadsheet and spot negative trends.Eliminate those bad habits Tip Credibility: 5 |
| Don't hide your head in the sand! Take an honest look at what you owe. It may be a frightening thing, to do but it is impossible to deal with your debt until you have a clear idea of the extent of it. Tip Credibility: 5 |
| Pay more than your monthly payment on loans and credit cards if possible so you pay down the principal. Tip Credibility: 5 |
| Pay minimum on debts. Identify extra you can pay after all bills are paid each month. Add that extra amount to pay down the lowest balance debt until it is 0 & keep it there. Add the minimum payment to the extra amount. Pay this amount until zero & so on. Tip Credibility: 5 |
| Look around the house for where you can save money - i.e. coffee at home instead of Starbucks, cheaper telephone bills. Take the money you calculate you should save and apply it as an additional payment to your credit card every week. Tip Credibility: 4 |
| Turn off the TV and use free blog hosting sites to create extra sources of income. Hubpages and Squidoo make it easy to earn extra income. You can work once and get paid more than a second job. You won't drive yourself crazy trying to pay off your debt. Tip Credibility: 4 |
| Work from home in your spare time. TipDrop, eHow, Squidoo, CafePress, Zazzle & other writing & POD sites can help bring money to pay debt. Also buy generic and avoid splurges so you have more money to pay your bills with. Tip Credibility: 4 |
| You need to manage your finances, check your monthly expenditures, try to eliminate some of the expenses. Save some money by changing your spending habits and try to pay-off your loans and debts. Start to pay-off the one with highest interest rate. Tip Credibility: 4 |
| Teach your children that there are two reasons for debt. One is to buy a house and two is to make money. Any other use of debe is living beyond your means and will lower your future standard of living. Tip Credibility: 4 |
| If you have multiple payday loans the free Payday Loan Organizer may help you. You can adjust your paycheck and budget balances to pay down your loans. Tip Credibility: 1 |
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