Reduce Debt
Reduce Credit Card Debt
Ways To Reduce Debt
-Put income tax return toward debt.
-Obtain personal loans/gifts from family.
-Pay off then cancel credit, charge, gas, and store cards.
-Set up a spending plan to find money being wasted that could be paid toward debt.
-Once one debt is paid off, apply the payment toward the next highest interest debt.
Continue the process to reduce debt until all debts are paid.
Ways To Save Money
-Have a yard sale.
-Trade with others for goods and services.
-Rent out a room (cannot do this with some loans or in certain areas of the community).
-Temporally find a second job.
-Pack lunches instead of buying lunches.
-Shop around for less expensive auto, homeowners, health, and life insurance.
-Increase insurance deductibles.
-Shop around for cheaper checking/ATM accounts.
-Shop for lower interest, auto, and credit card loans.
-Compare at least three stores for major purchases.
-Reduce number of times eating out.
-Un-subscribe to cable.
-Reduce magazine and newspaper subscriptions. They may be at the library.
-Sell the “extra” car to reduce debt
-Get a less expensive car (this saves in insurance also).
-Do not use car, walk or ride the bus instead.
-Learn how to do household repairs yourself.
-Lower the temperature a few degrees on the heater in winter.
-Shop for seasonal products after the season (swim suits in the fall).
-Prepare and follow grocery and other shopping lists (only buy what is needed).
-Buy generic prescriptions.
-Buy fresh produce.
-Cook more meatless meals.
-Find less expensive entertainment.
-Stop drinking pop (drink more water).
-Stop smoking or drinking.
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