With the new year arriving soon, many consumers are planning to create a plan to get out of debt and reduce the amount they owe to banks and credit card companies. There are many ways to create a plan to accomplish a debt free life, but the options vary tremendously and the cost of each option varies a great deal.
New Year's Resolution - Get Out of Debt
Where Should I Start?
The most common place that people start is to ask the question: what can I eliminate from my budget? Or another way to say this is to ask: how can I reduce my expenses? Of course, there are many ways to accomplish this goal. The first step is to take an inventory of all of your monthly expenses including rent or mortgage, insurance, grocery, utilities, gas & other car expenses, restaurant frequency & cost, HOA fee, giving, all monthly subscription services, health club, and any other recurring expenses you may have.
Best Steps to Take . . .
The next step is to ask: which of these expenses can I live without or am I willing to give up? The more serious you are at getting out of debt, the more serious action you will take. Maybe you can give up some of the things you enjoy for 6-12 months just so you can become much healthier financially. Reducing your monthly budget by $400 over 6 months will free up $2,400. You might be able to pay off a credit card with this.
Dave Ramsey Says to do this . . .
Dave Ramsey popularized this method of reducing your expenses, then using all of that extra cash to pay off the smallest debt you have. He calls it the “snowball” method. It might be an old medical bill or a former cell phone bill that has been lingering because you switched carriers. You simply pay it off, then go on to the next smallest one and keep repeating the process until you’re out of debt. Pay off old collection accounts, any late bills, and create a good comfortable amount of margin in your life. However, it takes will power, dedication, and discipline if you want get out of debt in this way. It won’t be easy, but it will be worth it.
Be Proactive & Become a Ninja Warrior!
Getting out of debt can be one of the most liberating things you’ll ever do. It will free you up to pursue some things you’ve always wanted to pursue. It will bring you confidence and lower your stress level like you’ve never experienced. But you’ve got to really want it! Please don’t be lazy, but tap in to that inner Ninja Warrior and attack this part of your life as if your very future depends upon it. After all, it really does.
If You Want Help to Reduce Your Debt 30% to 60% Start Here . . .
If you don’t think you have the discipline and the diligence to accomplish getting out of debt on your own, there is one very popular & successful option that consumers of all walks of life are pursuing. But you need to live in the state of Texas because Texas has some very generous and beneficial consumer protection laws that help people get out of debt. A company by the name of Integrity Debt Solutions has been assisting people since 2004 with great success. They implement debt settlement which allows consumers to pay 30% to 60% less than what they owe on all of their unsecured debts like credit cards, personal loans, business loans, payday loans, medical bills, and more.
It is the quickest and most efficient way to get debt relief when you really need a helping hand. They are experts in Texas consumer protection law and they also implement various federal and banking law of which most consumers are unaware. These laws help you reduce your debt 30% to 60% which can save you many years off the time it will take you to get out of debt.