We have to admit that at one point, we need to borrow money. However, once we encounter deeper financial troubles, our debt expands and that we become frustrated on how we can consolidate personal debts. Because of this seemingly common problem, we will give you debt reduction or debt elimination tips that you can apply.
First of all, stop using your credit cards. This is the first rule in debt management. Do not add up any other debts from existing ones.
This debt reduction strategy immediately paralyzes your debt to remain as is.
Second, start looking for financing option to pay your debts. You can look at your savings account and see if you could pull out at least 30% from it in order to pay your existing debt.
Third, make sure to find other sources of income that could compensate for the 30% you borrowed from your savings account. For example, you can do simple online business to earn a few dollars.
Lastly, one debt reduction advice for you is to start living within your means. If you want to indulge in luxury, spend only 10% of your total salary for a given month. This is a good debt reduction strategy for those who want to save money.
First of all, stop using your credit cards. This is the first rule in debt management. Do not add up any other debts from existing ones.
Second, start looking for financing option to pay your debts. You can look at your savings account and see if you could pull out at least 30% from it in order to pay your existing debt.
Third, make sure to find other sources of income that could compensate for the 30% you borrowed from your savings account. For example, you can do simple online business to earn a few dollars.
Lastly, one debt reduction advice for you is to start living within your means. If you want to indulge in luxury, spend only 10% of your total salary for a given month. This is a good debt reduction strategy for those who want to save money.
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