Reducing Debt as Fast as Possible

With Christmas coming shortly, I thought it would be appropriate to start looking at ways to reduce debt and tips on saving money so that you do not get into trouble with your debt over the Christmas period (or any period of the year really).

We will look at general ideas behind debt reduction along with revisiting some previous articles that have notibly helped readers of this website to reduce their debt.

The top 3 debt rules to always remember;

1. Always pay more then the minimum repayment ammount.
2. Make bi monthly payments to coincide with your pay.
3. Do not use the cards when you are trying to pay them off.

‘I’m in debt – and don’t know where to begin’

One of the most frequently asked questions here at SavingsGuide.com.au is ‘Where do I start?’ when it comes to tackling your debt and or debts.

Though your debt may seem to be very big and pressuring, remember – hard work and constant repayments will help you minimise your debt and eventually it will be gone. Positive thinking and ambitious goal setting are key components of reducing your outstanding debts.

My debt reduction plan

When tackling a big debt, I tend to do the following to get my head around my goals;

1. Establish how much I owe.
2. Get it consolidated so that I have one repayment to make only.
3. Work out my incoming and outgoing money each month.
4. Find 5 things I can do without for a year, eg; not drinking Diet Coke. This will help cut spending.
5. Organise fortnightly repayments on the debt, effectively cutting the time it will take in half almost due to constant repayments before the interest adds up each month.
6. Last but not least, set an actual date you wan to pay the debt off by – having a time frame gives ambition and a goal insight to chase.

Previous tips on reducing debt

Debt Reducing Tips – This article will help you find 6 ways to help reduce your debt. List and action plans are crucial to getting ontop of crippling debts.

Pay your mortgage off sooner – Reading this article will give you great debt reduction tips, relating specifically to mortgages. You will be able to cut years off your mortgage with these easy to use debt tips.

Fox Symes – Ever heard of Fox Symes? They advertise on TV alot of helping you to reduce your debt so thought it would be worth while writing a review to see what others thought of them.  Read it if you are REALLY struggling to make your monthly payments on your debt.

Christmas Credit Card Debt – Ways to save money on Xmas credit card debt, avoid those nasty debt hangovers we all experience at the frantic christmas period.

The Debt Diet – As seen on Oprah, learn about why the debt diet made many Americans (and now Aussies as well) debt free.

Reduce Student Debt – Get out of debt young so that you dont get in over your head as you get older. This article will give you lots of hints on reducing student debt and ways to manage it.

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