5 Ways to Get Rid of Debt
Don't dwell on the financial mistakes you made last year. Hold your head up high even though you may be in debt.
Think about how you can change your spending habits, eliminate debt, create a spending plan for yourself. Here are 5 ways to get rid of debt:
1. Stop spending. Don't spend money you don't have. This will result in your owning more money.
2. Take inventory. Write a list of all of your monthly expenses and your monthly debts and write down you monthly income (take home). If you have any money left over use that to pay down your debts. If not, find other ways to reduce your expenses and gain extra money the money owed.
3. Reduce expenses. Find ways to reduce expenses. Catch public transportation or carpool to work. Use coupons or shop at wholesales stores. Have a yard sale or donate unused items to charity and write the amount off on your taxes.
4. Stop Credit Card Usage. Use your credit card for emergencies only. Don't use your credit card to purchase gas, food, clothing, etc. When using a credit card instead of cash you end up paying 112% more than the item is worth after finance charges and other fees associated with credit card.
5. Educate yourself. Educate yourself about credit and your credit rights. Read as much information as you can about credit cards. Start by reading the credit card agreement or disclosure that was sent to you when you first received your credit card in the mail. If you can't find it call you credit card company and ask them to send you one. Read the agreement carefully to find out what fees you could be charged, the grace period and other important information.
Harrine Freeman is owner of H.E. Freeman Enterprises, a speaker, personal finance expert and the author of, "How to Get Out of Debt: Get an "A" Credit Rating for Free Using the System I've Used Successfully with Thousands of Clients.
H.E. Freeman Enterprises is a personal finance services company that helps clients restore their credit and learn how to manage their finances. She is a member of Credit Professionals International, the American Association of Daily Money Managers, SPAWN, Toastmasters, AAUW, National Association of Women Writers, IEEE and the Women Network.
For more information on how to get out of debt or to buy her book please visit http://www.hefreemanenterprises.com She can be reached via email at hfreeman@hefreemanenterprises.com.
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