10 Tips To Becoming Debt Clear

Being in debt can be frustrating as well as detrimental to your health. Millions of people around the world are currently trying to find ways to become debt clear.

If you are one of those millions, then these 10 tips to becoming debt clear are for you.

1. Sit down and make a list of all of your debts. Include in the list the account number, how much the current interest rate is, how much you owe, when it's due every month, what your credit limit is and how much the minimum payment it. This will paint for you a very clear picture of your debt.

2. On the highest balances, start to pay more than just the minimum payment every month. This will help bring down the interest that is accruing on the balance and help you pay off the balance owed faster.

3. Talk to your creditors to negotiate a lower interest rate. If they are not willing to lower your interest rate, ask them if they would be willing to allow you to change your monthly payment amount to one that is easier for you to pay off.

4. Create a monthly budge of all of your income, bills and other expenses. This will help you cut out extraneous spending that can be used towards bringing your overall debt down.

5. Do not apply for any new debt until you have brought your current debt under control. If you cannot pay for it with cash, check or debit card, you don't need it.

6. Make sure you pay your payments on time within the due date so that you are not charged late fees.

7. Designate some of your income every month to be put into an emergency fund until it is equal to three to six month's worth of bills. This will help you if you should lose your income, need to fix a vehicle, or get sick.

8. Transfer any high interest rate credit cards to a lower rate and consolidate as many cards as possible. Then pay off the cards and bills with the highest interest rates followed by those that have the lowest balances.

9. Change your lifestyle if you need to in order to get debt clear. Consider a part-time job, relocating, or living without amenities until you are in a better position.

10. Seek professional help if your debt is more than you can handle on your own.

To be debt clear, you need to take action today.
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