4 Simple Ways to Solve Your Debt Burden

Getting Behind
Getting behind on your debts owed can be a very frustrating and trying time for you and your family. Depending on how far behind you are, there are other repercussions, such as your credit rating, that will affect you further down the road.

Examine Why
Why did you get behind in the first place? This is a very important question in helping you understand what you need to do to get out of this predicament, and prevent your self from getting into the same or similar situations in the future. Was it your spending habits or not properly planning for emergencies? In any case, track down the cause, change your spending habits, and you will bring about a different effect.

Create a Budget
The necessary evil. This is where many people get tripped in planning for their financial future. Creating an accurate budget allows you to see exactly what is coming in and going out. It allows you to see what you can put away for Christmas, birthdays, office parties, etc. When trying to determine how to pay your debts, this is one of the first steps towards and informed decision.

Cut Your Bills in Half
Sometimes, it may come down to paying on the debt or eating. We know who wins this. The way I have found that both sides can somewhat win is to split your debt payment into two. If you get paid this week on Monday, talk to your creditor and ask if it is possible for you to pay half this check, and half the next. Rather than get nothing at all, most creditors will agree.

Add a little extra each payment. If you have a bill that costs you $50 a month, sending $30 each pay period probably will not hurt you as bad, and you begin to get ahead of your payments if you pay the little extra. Getting ahead of your payments can save you money on the interest that you are paying, provided you note the extra money is toward the principal. Some companies apply the extra money accordingly, whereas others need it to be specified.

Get Money Wise
For you to be reading this article, lets me know that you are working on this. Read as many articles and books as possible, as this is your ammunition to fight the war against debt. Also, you may be able to help someone else overcome these issues such as a loved one.

Take Action Today!
There is no better time than the present to get started. The sooner you begin your financial action plan, the sooner you will be saying good bye debt, hello financial freedom.

Gordie Prescott is a motivational speaker and success coach in the areas of personal, career, and financial success. Gordie also owns GordiePrescott.com and the Money Matters website.

---

Debt Elimination 2

The First Step To Debt EliminationRegardless of your personal and... Read More

Debt Settlement

What is debt settlement?Debt Settlement is a process to settle... Read More

New Bankruptcy Law ? Where?s the Consumer Protection?

On April 20, 2005, President Bush signed into law the... Read More

How Do You Spell Debt Relief?

Of all the problems possible in a marriage, finances cause... Read More

4 Simple Ways to Solve Your Debt Burden

Getting Behind Getting behind on your debts owed can be... Read More

Debt: Dont Pay Your Minimum Balance

Almost all Americans carry credit card debt. Actually, over 40%... Read More

Debt Elimination Is The Key to Financial Freedom

If you want financial freedom, the first thing that you... Read More

Credit Card Debt & the Unfairness of the Universal Default Clause

Let's look at a real world example: A woman purchased... Read More

Free Quick and Easy Money Saving Tips ? Part 1

With the high cost of gasoline and the amount of... Read More

Are You SURE Your A Bad Debt?

Many people who seek the advice and guidance of debt... Read More

Five Major Ways to Save Money

There are two main roads to improving your personal finances:... Read More

5 Options Toward Debt Relief

If you are in debt, well over your head in... Read More

Currency Trading Fee Concept

Troubles with Global Economy; Do you see future problems with... Read More

Stop Debt Collectors

Can you stop debt collectors ? . . .You better... Read More

Should You Invest In Savings Or Payoff Your Debts?

I have faced this financial question 8 years ago and... Read More

Two Ways To Debt Relief

There are many debt relief programs out there both off... Read More

Debt Consolidation Versus Debt Negotiation

Debt consolidation versus debt negotiation are two options that are... Read More

How Do I Lower My Debt Burdens?

How do I lower my debts?There are several ways of... Read More

UK Debt When Moving Abroad

The idea of moving abroad to escape debt seems to... Read More

Free Quick and Easy Money Saving Tips ? Part 2

Although many consumers would argue differently saving money doesn't have... Read More

What is Debt Settlement?

Debt settlement is the process of negotiating with your creditors... Read More

Debt Settlement : What You Need To Know

Debt Settlement companies work with your creditors to help you... Read More

Can You Escape the Trap of Ever Growing Debt?

It's difficult not to be concerned when facing numbers like... Read More

Going Bankrupt in the World

It all starts by defaulting on an obligation: Money owed... Read More

Bankruptcy Your Best Bet?

Filing bankruptcy is a common practice among the U.S. Over... Read More

Credit Repair - Understanding The Basics

What is Credit?Credit means that you are using someone else's... Read More

The New Bankruptcy Law -- How Will It Affect Debt Negotiation?

In April 2005, Congress made sweeping changes in U.S. bankruptcy... Read More

A History of Money and Banking Secrets That Banks Dont Want Published

A History of Money and TradeTo start with a history... Read More

Home Equity ? Foreclosure Often Not Necessary in Current Market

While driving around your community, you may have seen signs... Read More

Are You Beating Up On Yourself About Debt?

When you hear the word "debt", whats the first thought... Read More

Debt Free Living - 5 Tips To Get Out Of Debt

A few times I wonder what sort of credit system... Read More

Take Careful Consideration Before Filing Bankruptcy

Filing bankruptcy is not fun! It is a last resort... Read More

Debt Help and Advice for the UK

At some time or another during our lives most of... Read More