This Article is About
cooking at home
rocket science
credit card payment
credit score
spending money
creditors
budget
How To Pay Off Debt
Join 1000's of Authors at StreetArticles Today!

How to Pay Off Debt

Would you truly like to pay off your debt? Or even lower it? Well, if that is the case, the free advise I offer you today is not rocket science. I will be quite frank with you. The only way to pay off the debt you have accumulated is to do two things. They may not be easy. In fact if they were, you would have already done them and be out of debt. But you have got to do them. First, stop spending money on things you don't have to spend money on! Second, after you have stopped this unnecessary spending, you must create a budget and be procactive in eliminating the debt that you already have!

Stop spending your hard earned cash on things you don't have to(and, yes, you are). And start spending it on your debt. Again, this is not rocket science. It is simply a matter of doing it! There are many ways to cut spending. Here are a couple ways. It is a matter of just doing it.

To begin with, pay your monthly bills on time! Take some time and calculate how much money you paid in late fees last month alone. Now, take that amount, say $100 and use it towards this month's monthly credit card payment. It doesn't matter if your minimum credit card payment is $25 or $75, by paying more than your minimum required payment, you are lowering the principal balance and getting closer to paying that debt off completely. Cut down on eating out. How much is it costing you to eat dinner at a resturaunt versus cooking at home? If you don't know you better make a budget as soon as possible and figure it out because you are probably have another $150 that can be used to get debt free.

Be procactive! Take some iniative to contact your creditors and negotiate better terms on your accouts. They will work with you if you take the right approach. Creditors would much rather have some of your money than none of it. Any of your past debt that has gone to collections and is affected your credit score can be handled with this approach. For example, contact the collection agency and offer them 25% of the balance that is owed on your account. They may not take $250 on a balance owed of $1,000 right away, but keep this in mind, they have received nothing from you in quite some time. Moving forward $250, in their minds, might be all they get. They will eventually take it, or an amount close to it, if the alternative is getting nothing from you ever. Using the right approach will also get you do the following. Creditors would much rather lower your interest rate than have you close the account and start paying it down. This is your debt, pull your credit report and work to eliminate it.

Cutting your spending and paying off or down your current debt can only work if you have a budget. If you have not created and used workable budget, do so immediately. It is the only way to track how much money you can save and potentially use to pay off debt. Whether you are just getting started or have been in the process of it, the abovementioned cash mangement concepts are examples of how to pay off debt.

Taking action and getting some sort of debt relief will move you towards being debt free. Peace of mind will be your reward.


Street Talk

No comments present
You May Also Like
Does Cooking at Home Make You Live Longer?
A new research shows that people who cook the majority of their meals at home are nearly fifty percent more likely to be alive in the coming decade than those who cook less often. That study, lead by Mark Wahlquist was published in the Cambridge University journal, Public Health and…
By: amie nogrady in  Health and Fitness  >  Nutrition   May 22, 2012  
2
  Likes: 2

Saving Money By Cooking at Home
If you're like me, it's not always easy to cook at home. You get home after a long day at work, the kids need help with homework, it's just so much easier to order pizza or go out. I get it, I've done that all too often. I didn't realize…
By: JTaylor781 in  Finance  >  Personal Finance   Aug 16, 2013  
1
  Likes: 0

Understanding A Spouse's Needs - Overcoming Unemployment Stress In Marriage
Many married individuals today worry about the state of the world economy and recession hitting many countries, if the situation hasn't affected them already. If you are married or are in a steady relationship, are you and your spouse secure in knowing that either you or both of you are…
By: Ai Hoon in  Relationships  >  Marriage   Feb 22, 2012  
0
  Likes: 0

An Activity; Not Rocket Science
We can spend a lifetime looking at all the options that are open to us and yet remain where we were when we started looking. This is one of the dangers of educating ourselves beyond our practical requirements. There simply comes a time when knowledge must give way to activity,…
By: David Fairley in  Writing and Speaking  >  Writing   Nov 05, 2011  
0
  Likes: 1

Midriff stomach Fat Loss Isn't Rocket Science
Losing weight is not as easy as some people make it out to be. The midriff fat bulge is usually the first signs of being overweight. It takes some fortitude and a strong willed mind but midriff stomach fat loss isn't rocket science.A diet program that specifies fat burning will…
By: Gene in  Health and Fitness  >  Weight Loss   Jun 21, 2011  
0
  Likes: 0

Learn From the Past, Live In the Present And Plan for the Future
Did you know that dwelling on things that have happened in your past can stop you from enjoying each day to the full? I expect you do. Did you know that it could also make you ill? I expect you know that too. And why wouldn’t you? If it’s not…
By: BIS_Coach in  Self Improvement  >  Positive Attitude   Mar 29, 2012  
3
  Likes: 1

A Big Life Lesson
Some learnings in life are so important that everyone should know them. It should be basic knowledge passed down through the generations, taught in school and reinforced in the work place. A life lesson that is so big it must be acknowledged and respected. This knowledge, while not rocket science,…
By: Heather Bradford in  Self Improvement  >  Positive Attitude   Feb 25, 2012  
7
  Likes: 3

My Internet Marketing Quest
Am I really that gullible to believe what they tell me. I know there has to be some kind of way to make money online without having to spend anymore then I already have. I have purchased a few items but they don’t seem to help. Well maybe it’s just…
By: Julie Larralde in  Self Improvement  >  Inspirational   Jul 10, 2011  
0
  Likes: 0

Don’t Panic - 4 Awesome Tips To Get Back With Your Girlfriend
If your girlfriend just broke up with you, your heart is aching. You're thinking about all of the things that could have been done differently. But before you let emotions take over, stop and take a deep breath. Don’t lose your mind. You have every chance of getting back with…
By: Lucas Heart in  Relationships  >  Conflict   May 05, 2011  
0
  Likes: 0

Why Men Pull Away From Commitment And Marriage
Face it; you’re one of the millions of women that men pull away from. If you weren’t, you wouldn’t be on this page trying to find out why men pull away. Don’t feel embarrassed, you’re not alone, and though tons of women have this problem, they will hardly ever tell…
By: saytue sayewhat in  Relationships  >  Marriage   Aug 13, 2013  
12
  Likes: 9

How Hard Is It To Win Your Love Back - It Takes Work
It's not that difficult to win your love back, but it will take some work. Just like anything else, if you truly want it you will work for it. When you're in love, it is not easy to let the one you love go away easily. Trust me I totally…
By: Saytue Saye1 in  Relationships  >  Love   Oct 08, 2011  
0
  Likes: 2

Questions To Ask Before Purchasing A Firearm
I usually only discuss non-lethal forms of self defense, but today I am going to throw you a little curve ball. The article before you will give you the questions that you need to ask yourself before making the decision to buy a firearm for self defense. Most people feel…
By: TJ Sands in  Reference and Education  >  Survival and Emergency   May 23, 2011  
1
  Likes: 3

Earn Money Simply From Home
I want to talk to you about how to earn money simply from home. A lot of people today find it tough to live comfortably with the current wage they earn. Most of these people will barely work 40 hours a week leaving hundreds of free hours to do more…
By: Brad in  Internet and Businesses Online  >  Internet Marketing   Sep 13, 2011  
0
  Likes: 2

How To Get My Ex Back: Tips To Heal Relationships
Do you feel that your love-life has died an uncelebrated death? Sex is an occasion? Communication has become strained and infrequent. Does “I love you” seem to come out of you mouth in an unconvincing manner? Are the two of you going about life as if you are strangers passing…
By: Ivan Kukard in  Relationships  >  Reconnecting   Jul 28, 2011  
0
  Likes: 0

Ex Wants To Get Back Together - Dont Mess It Up
When your ex wants to get back together, you have to understand that it just takes one time to mess up. And if you do not want to mess up your chances of getting back with your ex, then listen up! How to stay in a happy relationship is not…
By: Saytue Saye1 in  Relationships   Sep 03, 2011  
0
  Likes: 1

Article Views: 1522    Report this Article