Our 5 Best Tips For Getting Rid Of Debt

Our 5 Best Tips For Getting Rid Of Debt:Did you know that the debt of the average household is over $15,000 just in credit cards?

So, what are the solutions to the growing debt problem? Here’s our list of 5 ways to stop the debt cycle.

1. Stop Spending

It’s true that you must have money to survive, but many people havefallen into a habit of consumerism. We run to the mallfor entertainment on a rainy day, we eat out because we don’t have time to prepare a meal, and we shop fordealsonline that are just too good to pass up.

Even if you use cash for your expenditures, you’re hurting your financial health. Add up just for one month how much you spend on your Starbucks coffee. Now think about how you should have used that money more wisely . Even a smallamount invested over time can add up to a large sum.

2. Kill The Extra Cards

Are you aware that that the average number of credit cards per person is 3.5 credit cards? Keep just one credit card, which you don't keep with you. That card will be used for actual emergencies, to rent a car or reserve a hotel room and other necessary uses. Even if your credit cards have a balance, cut the actual cards upas you work on getting out from under the debt.

Don’t even consider the pre-approved or pre-selected offers you get in the mail. There are very few individuals who need more credit cards.

3. Stop Using the Credit Card Account

We all know people who get rid of the credit cards and begin working on debt but discover they can still spend using their credit card number. Many online sites can keep your credit card information saved, so it’s very easy to click buy without much thought.

First things first if you have online accounts that have stored credit card information, go into your account and delete thatinformation. Not only does that save you if the website servers are compromised, but it ensures that you can’t make a bad buying decision. When you don’t have the cash to pay for it, you don’t buy the item.

4. Follow A Plan

Whatever process you choose, set up a payment plan and stick to it.

You may choose to get a consolidation loan, or work with a debt reduction company that will help you reduce payments and pay off debt, or you may set up your own payment plan using the debt snowball method to reduce your debt. If you do consolidate, choose a nonprofit debt consolidation company and look for the free debt consolidation option. Whatever strategy you choose, choose it carefully and then follow the plan.

5. Cultivate New Habits

The average credit card user has debt that is 14 years old. Habits have developed around managing debt in payments instead of payoffs.

It can be difficult to change that dynamic with debt . It’s imperative to understand that easy debt solutions don’t really exist without avoiding additional expenditures, constantly working to reduce debt and developing a change in spending habits over time.