Obviously the point of this article is to give a few tips on reducing debt. Let me start things off with a fantastic quote.
"There are plenty of ways to get ahead. The first is so basic I'm almost embarrassed to say it: spend less than you earn." ~ Paul Clitheroe
I absolutely love this quote because of its simplicity. Hopefully we all see the most important part of it... It's the last sentence. (And if you don't for some reason, be sure to slap yourself up the backside of your head and say, "Doh!", outloud... only when you get a chance though. :^) Spend less than you earn. These 5 words should be tattooed on 80% of Americans' forehead. Why? It's so when Joe Blow goes to the restroom after throwing back 10 and a half beers, he sees a reminder in the mirror NOT to put the $50+ bill on his credit card. Not really BUT, It's SO easy for the average American to live on credit.
So, the question, how do you reduce credit card debt? You reduce it by keeping your principal from increasing to Neverland and by paying off what you can afford every month. Or just use online debt consolidation. Simple, eh?
Oh, if it were so easy. If it were that simple to reduce your debt, then we wouldn't have so many people with credit card debt related problems. Or would we? There's are all kinds of advice available on the internet regarding debt and how to reduce it. But, even with the plethora of great information available, nothing much seems to change. The problem still persists. However, there are options. One of the most efficient ways is to use online debt consolidation. To me, the best part about this route is that it's 100% online. That means you won't have to sit there and talk to someone over the phone about how much you're in debt or how crappy of a credit score you have. That's my type of service!
I told you I'd give you a few tips didn't I? Well, the first tip to reduce debt is to prevent it from taking unneeded amounts in interest. Think about it, interest = bread and butter of a creditors income. This should be a personal finance 101 tip for everybody. The 2 most important ways accomplishing this step are, smart balance transfers and use of cash.
Did you know that a balance transfer is usually the number one measure to reduce debt. This is really something that can help reduce the rate at which your debt is growing. It also provides you relief in terms of the APR being 0% for initial 3-9 months. To reduce your debt using this nifty idea, you need to transfer your balance from your current credit card(s) onto another credit card that has a lower APR (usually 0%) than your current card. Now you can reduce credit card debt by stopping it in its tracks. And the hope would be to pay off as much as you can without hurting your day-to-day living. Yes, you might have to follow up on your New Year's resolutions to quit smoking and/or drinking. Give up some of the things that aren't a necessity. At least until you can get your finances going in a positive direction.
The other simple little trick is to use cash instead of a card. Yes, cash can be a pain in the rear end. Yes, your pockets with get filled with unsanitary coins everyday. But it's worth it! Simply put, by using cash, you aren't putting any more money on your credit cards. Which means you're not getting charged any interest. At least give it a shot. It's the only way I do business!
However, you can think about getting out of debt as much as you want. But the people who are successful in this world, DO IT! If you're looking to get out of debt much quicker, I recommend finding an online debt consolidation service. Read up on the company. Make sure it's 100% online and reputable. Implement these ideas into your life and stick with it. You WILL get out of debt.
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