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Finding Debt Relief

Financials

Finding Debt Relief

Comments Off on Finding Debt Relief 28 November 2013

It almost seems unfair to think that we all started out on equal financial footing and that we did not have any debt to weigh us down. No things are as certain as debt, taxes, and aging. We all accrue debt from different places and for different reasons. Some of us acquire our debt from school loans as we try to advance our education and others gain it through bad investments or poor credit card spending. At the end of the day debt is debt and what you do with it is more important than what you did to acquire it. I’m not here to tell you that there is a miraculous way to reduce your debt over night but instead to say that, like anything, debt relief can be found through persistent hard work and an adjustment of our spending attitudes.

The first thing I did when I realized that I had come upon major debt issues was to take a look at my income to debt ration. I tallied up all of the money that I take in during the month and then wrote out all of the money I spend. really look at your credit card report and see where the money is going. I found myself overspending, frequently, on dining out and junk food. This, to me, showed that I was unprepared for dealing with hunger when I was out and about. I went ahead and decided that I need to take more time packing lunches before I go to work. This short process is now saving me almost a hundred dollars every month. That cash can go straight towards alleviating my credit card burden.

The next, unpopular, step you can take is to start deciding what sacrifices you will make. Going back to my own personal example I found that cutting my cable bill was an easy expense to eliminate. I don’t need to watch television and as long as I maintained my internet connection I was able to get my media through that route with streaming services like Netflix or Hulu. Take a look into what you spend monthly on bills and try and find the most unnecessary expenses. Reducing or eliminating these, over a year, can have quite the impact on your debt.

So as you can see there are things that can be done to try and help find relief for the debt that you have accrued. Some of them are easier than others, like cutting out junk food, and some will be really hard to implement. The key here is to get into that mindset and soon you will see your debt begin to shrink.


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