Need a debt reduction program? You are not alone. Here are 5 tips on reducing debt that you can do right now.
1 Knock Off Using Credit
If you havent done this one, then this is the place to start. Put the credit cards and line-of-credit checks under lock and key, and operate as if you dont have them at all. Figure out how to make more income and pay cash instead. This is the single most effective action you can take.
2 Never Commit to Spending More Than Your Income
When you pay for an item with credit because you dont have the cash, you are committing your future income to pay the credit company. Then you experience economic slavery. Ask yourself if you just want the item or if you really need it to increase your production of income. If you need it, figure out how to make the cash to pay for it over a short period of time, rather than buying on credit. Find ways to increase your income and use it to pay both current expenses and pay off credit debt.
3 Always Pay More than the Minimum Payment Required
Your debt reduction program will be most effective if you carve out a minimum of 10% to 15% of your income. Use this money to reduce...
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