How To Decrease Your Debt Essay
Best Ways To Decrease Your Debt in 2015
Every year, people are looking for ways to decrease their debt. Whether it’s picking up a second job, creating a budget, or reorganizing your finances; there are multiple ways to becoming debt free. There are ways to get yourself out of debt without having to get a loan, which is one of the most risky ways to attempt to decrease your debt.
Create a Budget
The best way to decrease your debt in 2015 is to create a budget. Creating a budget is actually the easy part, it’s sticking with the budget that tends to be the hardest part for many people. Keep in mind that the general rule is to always save at least thirty percent of your income. A budget will not only help you in saving money, but it’ll also
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Most companies won’t penalize you for having your debt paid off early, however it’s important to make sure. Doubling payments will help you get everything paid off quickly, saving you a dramatic amount of money on interest.
Pay off One Card at a Time
If you have multiple credit cards that you’re carrying a balance on, make a list of the debts from lowest to highest and work from there. Start with putting more money towards the lowest credit card first, while paying the minimum balance on the higher balance credit cards. When you end up debt free from one card, use that money to help pay off the next credit card. A general rule in credit card usage is that one shouldn’t utilize more than twenty percent of their credit limit.
Be Frugal
This can tie into creating a budget, however, as stated before it’s frivolous spending that puts many people in debt. Even spending as little as five dollars over can put you in a slump for a few months. Ask yourself before a purchase, is this a product you really need, or if it’s more of something you want. Can you live without it for right now? This isn’t to say that you should never treat yourself. However, when it comes to decreasing debt, you always need to save as much as possible to pay down bills that already
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