There Is Something You Can Do To Reduce Your Debt

February 23, 2020 301 views

A Collection of Resources Related to Debt Reduction Strategies

When you’re in debt, you can’t do the things you love; you can’t drop everything and start something new. You need to keep making those payments, week after week, month after month. It’s a never-ending cycle that can consume your whole life as you are forced to work and pay off debt.

Some people have lived their entire life going to work day after day, just making ends meet. They are unable to enjoy their life; instead, they live to work and work to pay off debt with no end in sight.

Debt Is A Normal Way of Life

Payment plans allow us to purchase big-ticket items. Without these options in place, people wouldn’t be able to buy homes or cars. How many people do you know that pay cash for their brand-new cars or their home? Sure, there are some, but the majority of people have payment plans.

Spending stimulates the economy, creates jobs, and keeps money in circulation. If people spent less and purchased only the necessities of life, then our economy wouldn’t be what it is today. It’s the spending that keeps the economy healthy.

Credit cards can be a lifesaver in absolute emergencies, but that’s it, avoid them.

The problem with using credit cards is they allow you to make impulse purchases because there is a set credit limit you can use, just sitting there. You don’t have to ask your banker for the loan, you pull out the card, and the money is readily available. So, instead of thinking that this is a loan, it’s more like, how much room do I have left on my credit card? Okay, I have enough, I can make this purchase no problem.

Living with debt is typical in North America. Do you have $6,800 in credit card debt? Well, that’s no big deal, that’s average. A rough calculation for interest alone is around $1,300 a year, averaging about $109 a month. If you’re paying the minimum, then most of the money is going towards interest. Now, what if you have four or five cards with that balance? You’re now paying over $400 a month in interest with only a small amount going towards paying off the balance. At that rate, it will take years to pay off your credit card debt.

Consider the above payments and add the mortgage, car payments, and other loans, and you’ll find most of your income is going towards interest.

Is it worth it?

Remember all the fancy items you purchased on credit? I’m not judging because I have been there, and it’s the worst thing ever. There is no way out if you’re on a fixed income. You either have to consolidate your debt and eliminate all credit card debt, and/or make more money to start reversing the debt process.

Debt Is Like Having A Bad Boss

Think of it this way: your financial debt is like having a bad boss, a boss that doesn’t interact with you and only has demands you must fulfill. You can’t do anything you want unless your boss allows it, and he never does. Your boss is strict, unforgiving, and has no tolerance for delay. You don’t matter to him; you are just a number.

Living with debt keeps you from changing your life, taking a different career path, improving your education, investing in an opportunity, or simply taking a break. It keeps you where you’re at and gives you zero tolerance for change. The only option is more debt. Have you ever taken a cash advance on one card to make a payment on another card?

Who would want to live like that? And yet many of us do, because either way we don’t have a choice, or we think this is normal, or we don’t know what to do.

There are steps you can take to get out of debt.

First and foremost, you need to have a strong desire to get out of debt, and you need to work with the right people who can help you achieve a debt-free life.

      1. Get a consolidation loan to pay off all your credit cards.
      2. Cancel all your cards except for one with a low-credit limit used only for emergencies or for situations like hotel rooms and car rentals that require a credit card.
      3. Get on a budget.
      4. Take a vow to never, ever live above your means again.

The above is easier said than done, and you may need professional help to get you on the right track, but going through some discomfort now will allow you to live a better life.

In the resources to follow, you’ll find an abundance of resources that will help you get out of debt and stay that way. Take some time to go through the sections to find the articles that interest you the most.

How to Pay off Your Credit Card Debt

Credit card debt is one of the most expensive types of debt to carry; they have high-interest rates and should only be used for emergencies. If you have a lot of credit card debt, then this something you want to eliminate as soon as possible. It’s time for a change, and the resources below will get you started and inform you of what steps and options you have. Take a look at the collection of articles below that can help you get back on track with your finances.

Tips to Pay Off Credit Card Debt Fast

How to Pay Off Credit Card Debt | US News

5 Ways To Pay Off Credit Card Debt Faster

How to Pay Off Credit Card Debt Fast | Credit Karma

The Fastest Way to Pay Off $10,000 in Credit Card Debt

How to Pay off Credit Card Debt | Credit.com

5 Tips for Paying Off Credit Card Debt | Credit.com

2 Ways to Pay off Credit Card Debt

Simple Debt-Free Living

Living above your means is what gets you in trouble, racks up those credit card charges, and keeps you working without saving. When you figure out how to live a debt-free life, you’ll be happier with less.

Think about it. How much stuff have you purchased on credit? How much did do you pay for it? If you sold it all today, would you get your money back? Would you get half your money back? Would you even get a quarter of it back?

Another consideration: With all that stuff, are you happier?

You can still be happy with less. The resources below offer tips and insights about how you can avoid a life of spiraling debt.

Have a look to see what your life would be like if you were debt-free.

Debt Free Living – Simple Living Daily

7 Characteristics of Debt-Free Living | DaveRamsey.com

How to Live a Rich Modern Life Without Debt – The Simple Dollar

Debt-Free | The Minimalists

4 Simple Steps For Living A Debt Free Life | Frugality Magazine

A Minimalists Guide To Debt-Free Living | The Minimalist Vegan

How Minimalism Helped Me Become Debt Free – Simply + Fiercely

How to Increase Your Income

Another way that can help you reduce your debt is to increase your income and use that money to pay off your debt.

A good debt reduction plan and increased earnings will get you in better financial shape. Once you begin to focus on your finances, you’ll get into better spending habits.

Try the resources below that can help you increase your income. Even a 5% boost is useful.

12 Ways to Increase Your Income This Month

10 Ways to Increase Your Annual Income

5 Ways to Increase Your Income

18 Easy Ways to Boost Your Income and Make More Money

Money Making Ideas: 21 Smart Ways to Increase Your Income

Increase Your Income in Ways Most People Don’t Know

7 Ways to Maximize Your Income | The Motley Fool

How to Live on a Budget

If you don’t budget, it’s very easy to go into debt because your spending spirals out of control, and you’ll find yourself in a situation where you can’t make ends meet. A budget gives you boundaries and helps you keep spending in check. Once you get a budget in place that works for you and you stick to it, managing your finances will be simple and painless.

The resources below can help you create and stick to a budget that works for you.

How To Live On a Budget | My Money Coach

5 Tips for Living Comfortably on a Tight Budget | HowStuffWorks

How to Live on a Budget with 4 Valuable Lessons – The Dough Roller

50 Ways to Live the Big Life on a Small Budget | GOBankingRates

How To Live The Good Life On A Shoestring Budget

7 Ways to Save Money on a Tight Budget

More Debt Resources

Debt Reduction Strategies

How to Pay Off Debt: 6 Strategies That Work – Credit Card Insider

Ways To Get Out Of Debt | Bankrate

10 Steps and Strategies to Getting Out of Debt in Less Than a Year – AARP Eve…

The 4 Cornerstones of Debt Reduction Strategies & Budgeting

How to reduce your debt | Consumer Financial Protection Bureau

How Debt Settlement Works: Pros and Cons | Credit Karma

Snowball Debt Reduction

How to Get Out of Debt With the Debt Snowball Plan | DaveRamsey.com

How to Use Debt Snowball to Pay Off Debt – NerdWallet

Debt Snowball Method Works – But It Will Cost You $$$$

How Much Money Is the Debt Snowball Method Costing You? – MagnifyMoney

Debt Avalanche vs. Debt Snowball: What’s the Difference?

Debt Snowball vs. Debt Stacking

Debt Snowball Calculator: How Long Until You’re Debt Free?

Snowballs or Avalanches: Which Debt Reduction Strategy Is Best for You?

Debt Reduction Companies

Debt Settlement Companies | Find the Best Loan for You | US News

The Best Debt Relief Companies Of 2020 | Bankrate

Best Debt Settlement Companies for 2020 | The Simple Dollar

10 things debt-settlement companies won’t tell you – MarketWatch

Choosing the Right Debt Relief Company & Program

Settling Credit Card Debt | FTC Consumer Information

Debt Reduction Services

Debt Consolidation & Credit Counseling | Debt Reduction Services

View Your Account

Getting Out of Debt: The Truth About Debt Reduction | DaveRamsey.com

What are debt settlement/debt relief services and should I use them?

Debt Reduction Services

Debt Reduction Programs & Software

Top 3 Free Online Debt Reduction Tools

Pay Off Your Debt: Tools and Tips

The 5 Best Debt Tracking Systems

Debt Reduction Apps

6 Debt Payoff Apps You’ll Want To Download ASAP | HuffPost Canada Money

Debt Paydown Calculator – Eliminate and Consolidate Debt

Debt Reduction Calculator (With Amortization Schedule)

Debt Snowball Calculator | DaveRamsey.com

Debt Reduction Calculator [Create a Debt Payoff Plan]

Debt Snowball Calculator: See Your Payoff Date – NerdWallet

Debt-Free Calculator | Getting out of debt with CNNMoney

Debt Reduction Calculators

Debt Paydown Calculator – Eliminate and Consolidate Debt

Debt Reduction Calculator (With Amortization Schedule)

Debt Snowball Calculator | DaveRamsey.com

Debt Reduction Calculator [Create a Debt Payoff Plan]

Debt Snowball Calculator: See Your Payoff Date – NerdWallet

Debt-Free Calculator | Getting out of debt with CNNMoney

Debt Reduction Spreadsheet

Free Debt Reduction Manager for Excel

Getting out of debt with the Debt Reduction Spreadsheet 2019 – Squawkfox

I love this debt reduction Excel template & I hope you do too

The Best Free Debt Reduction Spreadsheets in 2020

Debt Reduction Calculator | Debt Snowball Calculator

Spreadsheet for using snowball method to pay off debt – Business Insider

38 Debt Snowball Spreadsheets, Forms & Calculators ❄❄❄

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