Overlooked Secrets to Do Away With Debt

by Ron Haynes

To eliminate debt, you have to be both patient and persistent. There is no overnight solution to owing lots of money, but there are ways to minimize the obligations over time. Some of the most common techniques are reducing spending, making larger credit card payments and getting a second job.

These strategies will definitely help you obtain relief from a financial burden and get you on the road to debt recovery. However, you may be missing other steps that will not only help you get out of debt but speed up the process. Here are secrets you shouldn’t overlook:

Eliminate of the Enticement

Begin with pinpointing the weaknesses that got you into financial trouble. There may be several reasons why you entered into debt, like buying things you could not afford or going out on the town too often. Determine what the causes are and don’t consider anything in the future that will get you more in debt. You need to make extra money … not spend it!

Put away your credit cards so you are not tempted to use them. Refuse any new credit offers, no matter how attractive the incentives may be. Think small: if your dream is to start your own law firm, getting that loan may have to wait until you have paid down your personal credit cards.

Reduce Your Interest Rates

Call credit card companies to see if they can reduce your payments. This can be achieved by simply asking for a lower interest rate if you have a good credit score. The technique will significantly reduce your monthly bill. If they won’t honor your request, seek another company that will offer a lower rate and transfer the balances. Check out the Credit Card Page to see if there are any offers that you could utilize to get into a lower rate card.

Reach Out to Someone Who Successfully Did It

Many people have successfully gotten out of debt, and their stories can be a great help in your road to debt improvement. It could be a family member, friend or co-worker. Listening and learning from those who have been where you heading will motivate and encourage you. Try reading How I Paid Over $120,000 in Debt in 52 Months.

Your Budget Should Reflect Your Needs

When you make the decision to get out of debt, there will be sacrifices. One of them is changing your desires to live on a budget that reflects your needs.

Go over your budget thoroughly to see what expenses you can live without. The obvious bills that are huge will stick out to you, but don’t forget about the smaller ones like a smartphone plan and cable TV.

If you don’t need an item or service, you should get rid of it or at least look for ways to lower the bill. It can be $15 here or $25 there, but can add up significantly. Maintaining this type of budget can feel uncomfortable at first, but if you stick to it, it will be a vital part in getting you and your family out of debt.

About the Author: Katie Elizabeth is a freelance blogger and finance guru. She is a consultant for a securities law firm, real estate agency and several local banks. She also has a strong interest in social media.

About the author

Ron Haynes has written 1001 articles on The Wisdom Journal.


The founder and editor of The Wisdom Journal in 2007, Ron has worked in banking, distribution, retail, and upper management for companies ranging in size from small startups to multi-billion dollar corporations. He graduated Suma Cum Laude from a top MBA program and currently is a Human Resources and Management consultant, helping companies know how employees will behave in varying situations and what motivates them to action, assisting firms in identifying top talent, and coaching managers and employees on how to better communicate and make the workplace MUCH more enjoyable. If you'd like help in these areas, contact Ron using the contact form at the top of this page or at 870-761-7881.


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