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.

---

How to Deal with Bill Collectors

So you've screwed up. You're drowning in debt. Maybe the... Read More

Budgeting and Debt Management

Debt management (specifically unsecured) is the first step to taking... 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

Why You Should Get Out of Debt Today?

The main reason for getting out of debt today, is... Read More

Yes to Less Debt

Feeling stressed by the amount of debts you have? Three... Read More

How to Negotiate Debt Settlements

Knowing how to negotiate debt settlements is the key to... Read More

Mr. Cheapies Frugal Budget Tips

So you feel like a hamster spinning your wheel? The... Read More

Debt Getting You Down? - Make a List!

Debt is not much fun and when faced with it,... Read More

Learn The Five Key Debt Reduction Steps You Must Take Immediately!

Step 1. The purpose of this first step is to... Read More

Debt Relief with this Simple Formula

Is there a way to get out of debt without... Read More

Life After Debt ? Strategies for Dealing with Problem Debt

Honorably and ethically rid yourself of burdensome debts using the... Read More

How to Become Debt Free

In today's consumer society it is all too easy to... Read More

A Debt Elimination Process Must Be Initiated From You.

The first and maybe most important step in a debt... Read More

Hide That Car! Fighting the Repo Man

Vehicle repossession may appear justified in circumstances where a person... Read More

Debt Management Systems

What is a debt management system, and when do you... Read More

Debt Elimination 1

If you have multiple debts, you may well be wishing... Read More

Bankruptcy Your Best Bet?

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

Debt Consolidation Versus Debt Negotiation

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

5 Ways to Get Out of Debt

It has been said that everyday more and more people... Read More

Should You Join a CCCS - Consumer Credit Counseling Service for Debt Relief and Financial Freedom?

Do You Need to Join a CCCS - Consumer Credit... Read More

Debt Recovery Can be Easy

OK, so you are up to your head in debt.... Read More

5 Options Toward Debt Relief

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

How to Protect Yourself: Debt Collections

So you are getting collection calls? You're desk is full... Read More

Bankruptcy: Who is to Blame?

If you are considering bankruptcy as a solution to your... Read More

What Does A Bankruptcy Trustee Do?

Once you file bankruptcy a court appointed bankruptcy trustee will... Read More

Bankruptcy Interest Increases as Deadline Approaches

Congress recently passed sweeping legislation that will significantly reform American... Read More

The Human Side - Debt Stress

In all the technical discussion you hear about credit... Read More

Debt Elimination 2

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

Bankruptcy, Is It A Way Out

Negotiations with creditors have failed. Repossession is imminent and foreclosure... Read More

British Families and Debt

There is current concern from the Bank of England that... Read More

IVA: Individual Voluntary Arrangement

What Is an IVAThe IVA (Individual Voluntary Arrangement) was introduced... Read More

Dealing with Thingitis

Debt is quickly becoming an epidemic in America. However, through... Read More

Deal with All Your Debts with Care!

Lots of people take a large ammount of loans and... Read More