Best Strategy for Dealing with Debt
Best Strategy for Dealing with Debt
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Home Page > Finance > Personal Finance > Best Strategy for Dealing with Debt
Best Strategy for Dealing with Debt
Posted: Feb 16, 2012 |Comments: 0
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The absolute best strategy for dealing with debt is to avoid it like the plague. Once it has been incurred, though, there are some simple rules that can help you out of the debt spiral:
Never use more debt as a solution
Put away the credit cards
Make steady progress
Celebrate small steps
Resolve to stay debt free
For the first step it is most important to remember that this is a war and debt is the enemy. At no stage of the battle is debt a friend. No matter what it sounds like in the advertisements, going into debt is a burden and not a relief, so don’t go there. It sounds like a way out: pay all the old debt by using a new credit card and all life’s problems will go away. But the fact is that a credit card payoff of debt is just gathering more debt. It can’t work to get out of debt to get more debt. A deeper hole is harder to get out of so why dig yourself further in?
The second step is really just a reiteration of the first step: credit cards are a way into debt and not a way out. Stop using the dangerous things and use actual money for living. Research has shown that people spend less when they can actually see their money going away you will too. The only way out of debt is to spend less than you make and apply the rest to paying off old debt.
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Third step on the path to financial freedom is to commit yourself to steady progress and forget about making bold gestures. Bold gestures are what newbies try before they find out that the tortoise really did win the race, not because the hare was slower but because the tortoise kept on going when the hare got tired and discouraged. Steady progress in satisfying debt develops lifelong habits that will help keep the race in perspective. The siren song of debt is pervasive in this modern society and “haring off” after it can only lead to grief.
To clear up debt it is the small steps that create the feel of success. Pay all the debts on time if possible, but put extra effort into the small ones that can be satisfied fastest. Write checks out in advance and then mail them as soon as possible. You can get cheap checks online and write out as many as you need, then attach them to a calendar. This way, you’ll know what needs to paid next and you’ll get rid of the urge to procrastinate or delay payment. Pay the minimum on everything but the smallest debt and throw everything available at that little debt. Once it is paid off there will be more money available to throw at the new smallest debt. Celebrate each time a creditor is paid by attacking the next one with renewed vigor until finally there are none left. The lifting of the burden will be amazing. It is tough to keep plugging away, but well worth the struggle.
Finally, remember the fight and stay out of it in the future. If you don’t have actual cash money to spend, don’t spend it. It can be very tempting to tell yourself that you got out once and can do it again, but that way lies heartache. Now that you are free, why sell yourself back into slavery? Work for yourself and make your life better. Budget your money and live within your means. Make yourself happy.
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About the Author:
Bradford Exchange Checks focuses on the selling of personal and business checks at deep discounts versus banks. We also believe in helping people save money anyway they can. Buying checks online is one way to do this, but you can also find big savings by carefully managing your spending and understanding how you spend money.
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