A Guide To Debt Solutions

Debt Relief Tips

So you're up to your head in debts, and need to find a way to reduce it. What do you do? Well You can start with debt solutions that you can be in control of. Here are a few simple methods but quite effective, and in no time you will discover that you would have significantly good results in reducing your debt.

1. Don't Over Spend

One sure way to retire your debt is to spend less money, and apply the money you save to your existing debt. At first you might think this will not generate enough savings to be a serious debt solution, but it all depends on how much you are willing to sacrifice to get yourself out of debt.

2. Eat at Home

One of the relatively easy and even healthy methods of debt solutions is to reduce the amount of money you spend on restaurant food or take outs. Home cooked dinners not only are less expensive, they are in most instances a lot healthier than any fast food meal.

Limit your coffee to one cup or two cups a day at home, and skip the espresso or latte. If you don't feel like you can give it all up at once, start by skipping it one day at a time. If you miss the caffeine, learn to like diet soda, which you can buy in bulk and drink for considerably less than one dollar per serving.

3. Save Up The Small Change

It may not seem obvious but collecting small change adds up eventually. Many banks provide a plan where in you will be able to round of all your debit and credit card purchases up to the nearest dollar and the difference will be deposited in a savings account. Then each month transfer your funds from the savings account to the checking which you can use to pay off your debt. Debt solutions such as this is easy to do and you may not even notice it.

4. Sell a Car

Plan and simple, cars are expensive in many ways. Gas prices are soaring with little evidence of it backing down anytime soon. The cost of insurance goes up every year, even if you never have to make an accident claim. If you happen to have a two or more car household, then a debt solution method you can try is to adjust your schedule or even lifestyle to be able to live with just one car. This solution can quickly make a huge difference in your expenditure, since you will save a lot of money each month on gas bills,car payments, maintenance costs and insurance payments.

No matter which of the debt solutions you choose to take advantage of, the important part of any debt reducing plan is to ensure that you save money to be able to pay down your debts. Make a pledge to yourself to make use of any windfalls that you may receive from now on to pay up on your debt. Check every annual bonus, tax refund or any other windfall you receive that may be used against your debt.