Reducing Debt

In today´s economy reducing debt is not an easy task but it´s not impossible.
As many of you know I often blog about my saving habits and how much I´d like to be more frugal. I blog about how I can spend less and save more to achieve my personal finance goals in a near future. It´s also a way to remember myself that being debt free is really possible.
My motivation to be debt free has to do with the consequences of overspending during a good part of my life.
When I got in serious debt and started spending more than I earned I reached a point where I stopped to think about my future and decided to change some things in my life.
I took serious measures and, nowadays, I have reached a more healthy balance in my personal finances. In a few years I managed to pay half of my debt and in simple steps here´s how I did it:
First, I avoided new credits at all cost, ceased my credit card and found a way to earn more money. Secondly, I tracked all expenses, analyzed them for a couple months and this way I was able to know where to cut. Thirdly, I started doing a monthly budget and with the money saved I paid my older debts and those wich had higher interest rates. It´s not difficult to do what I did, you just need motivation and good guidelines.
For people who have many different debts, another solution is to join a debt consolidation program like the one offered by ReduceDebt website. This website offers a debt consolidation program that allows you to join all debts in one, reduce interest rates and, consequently, lower monthly payments.
If you´re a USA citizen in a difficult debt situation, check out and learn how you can join their program. This website also provides articles and updated information about saving money and Debt Reduction.

0 comentários: