This document discusses various strategies for reducing debt, including budgeting, negotiating with creditors, and using debt consolidation services. It recommends that consumers first try reducing expenses by carefully tracking spending over a week to identify unnecessary costs that can be cut. If extra funds cannot be found, the document suggests negotiating directly with creditors for more favorable terms like lower interest rates. As a last resort, debt consolidation companies can help by having consumers make one low monthly payment while the company pays multiple creditors. The key is learning how to properly handle and pay down debt over time.

1. DEBT REDUCTION
If you feel like youare swimminginaseaof creditcard debt,youare
not alone.Thisfactprobablywill notmake youfeel anybetter,butthe factthat youhave lotsof
companymeansthat there are a varietyof debtreductionstrategies anddebtconsolidationservices
youcan use to getback on solidfinancial ground.Thereisathrivingindustryfull of companiesthat
do nothingbuthelpconsumersgetahandle ontheirdebtproblems.These creditcounsellingfirms
run the gamut fromnon-profitcommunitybasedorganizationstonational chainstohuge mega
companieswithabranch ineverymajorcity.Findingthe rightcompanyto entrustwithyourdebt
reductioncanbe difficultandchallenging.
Before turningtoan outside companyforhelp,however,there are stepsconsumerscantake on
theirownto reduce theirdebtload.Of course the easieststrategyistoput extramoneytoward
retiringyourdebt.Everyextradollar
youput towardyour creditcard balance isone more dollaronwhichyouwill notowe interestor
penalties.
Ofcourse,findingthatextramoneycanbe a challenge.Mostpeopleare luckytohave a few dollars
leftoverbetweenpaydays,andmanyconsumersfindthemselvesoutof moneybefore theyare out
of month.Thisiswhere a good
budgetprogramcan come inhandy.Budgetingisnota skill thatistaught inschool,and itis often
not taughtat home either.Learninghowtomake a budgetand stickto itcan be the most important
aspectof yourfinancial life.
Try thislittle exercise andsee if youcan’tshake loose some extramoneyeachmonth.Write down
everyexpense youincurforat leasta week.That’severyexpense –everycupof coffee,everymeal,
everytripto the grocerystore,
everytripto the mall,everytankof gas. Be scrupulousaboutrecordingeverypennyyouspendand
whatyou spenditon.At the endof the week,additall up and give itclose scrutiny.Askyourself if
everyitemwasa necessity.Are there placesyoucancut back on yourdailylivingexpenses?Evena
dollaror twoa daycan addup quickly – try cuttingback fora couple monthsandputtingthatextra
moneytowardyourdebt.
Of course,thisstrategymaybe onlypart of the solutionforseriousdebts.If youowe more thanyou
can affordto pay, try negotiatingdirectlywithyourcreditors.Consumersare oftenpleasantly
surprisedathowflexible theircreditcardcompanies,banksandotherlendersare when
renegotiatingthe termsof theirdebt.Forinstance,yourcreditcard companymaybe willingtogive
youa lowerinterestrate,waivecertainfees,orevenacceptalesser
amountthan whatyou owe.

2. Of course,the bankisnot justdoingthisto be nice to you.It is inthe bestinterestof yourcreditors
that youare ina positiontorepaywhatyouowe.Afterall,if youare forcedintobankruptcy,the
bankwill mostlikelybe unabletorecoverwhattheyare owed.Andas youknow,bankruptcyisno
panaceafor the consumereither.Thatblackmark will follow youforat leastsevenyears,andit isno
longersoeasyto use bankruptcyto shieldyourself fromdebt.
It can be difficulttoreduce debt,butbycarefullyfollowingabudgetandnegotiatingwithyour
creditors,youcan geta handle onyourdebtand yourspending.Youwill needtolearnhow to
handle debtonyourown.There is no
course on theirimportantskill,butthe skillsyouteachyourselfcanhelpensure yourfinancialfuture
and keepyoudebtfree.
If you finddifficulttomanage yourself youcanalwayslookintoadebt
consolidationcompany.Debtmanagementcanassistyouinpayingoff
that debt.Whenusingcreditcounsellingyouwill make ONELOWmonthly
paymenttothe debtconsolidationcompanyandinturntheywell
dispurse the moneytoyourcreditors.
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