First Steps to Decrease Your Debt Load

Credit card payments, car repairs, mortgage payments, school loans, lines of credit, car loans. Does it ever end? Are you finding it harder and harder to make ends meet? Do you feel like you are swimming in debt and cant figure out how to end the insanity? Here are a few tips to get you started back on the road to controlling your debt:

* Make a list of all your outstanding debts and list them in order from highest interest rate to lowest the highest will usually be your credit cards.

* Now, I assume you are already making minimum payments on all your debts every month. Look at the first debt you have listed. Put an extra $50 or $100 every month, along with your minimum payment to pay on that first item, while still making minimum payments on the rest. Then, when you have that debt paid off, go down to the next one on your list and do the same thing, until you have paid off all your debt.

The fact is, making minimum payments on your credit cards and other loans will never get you out of debt! So the trick is to come with extra money to put down along with your minimum payment.

Heres a few ways you can come up with an extra $50 or $100 per month:

1) Dont eat out
2) Curb those impulse purchases do you really need those new shoes?
3) Try walking or biking instead of taking your car and save on gas.
4) Get a second job
5) If you smoke, consider quitting or at least cutting down
6) Cut down your electricity bill by conserving energy. (turn lights out as you leave the room, hang your clothes out to dry instead of using the dryer)

Getting out of debt is tough, and it takes time, courage and persistence. But you CAN do it! Jut keep thinking about how you will feel when all your debt is paid off and you are finally getting a good nights sleep because youre not thinking about those bills!

Maryanne Fitzgerald is a business owner and publisher of "The Wealthy Woman" ezine which provides tips and strategies on investing, debt reduction and financial freedom. Visit: http://thewealthywoman.ca

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