Here are the sequence of steps involved in getting out of debt
1, Identify your total debt.
2. Categories your debt according to its nature like housing, auto, credit card, Personal Loan
3. Whenever you get money in your hand, pay-off debt in this order
i) credit card (due to its high interest rate)
ii) Personal Loan (pay-off and focus on getting loan only for your need and not for want)
iii) Auto Loan & Housing Loan (pay-off slowly - eventually it will turn out to be an asset)
You made very good points. But, I believe a big component to reducing personal debt is not to use your credit cards at all. If you need an item or a service, then you need to save money for the purchase first.
Children need to begin to understand money starting at a young age
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One solution is to join a jungle survival training. This way it will teach you a lesson that every bit of what you have is essential so there is not need to buy more stuff where others are found wanting.
Use credit cards with caution. If you have credit card debt stop using the cards until they are paid off. Consider a home equity loan to consolidate debt if your credit cards and other outstanding debt is high so you can pay less interest. Whether you choose to pay down your credit cards or get a home equity loan pay as much as you possibly can each month to pay off the debt. Once paid, do not use a credit card unless you can pay it off each month. That is the only way credit cards make sense. Then, you can actually earn money or rewards for the money you spend. I get a check every month for using my credit card and I do not pay any interest because I pay off the balance every month. I am earning about $40.00 a month this way.
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Did you know that a 3 percent increase in inflation annually over an extended period of 14 years will result in 50 percent increase in prices? You can fight inflation by shopping to beat it.
When inflation hits the grocer's shelves we watch prices rise on the frozen and canned vegetables. But even though inflation is affecting the vegetable processing industry, it will not effect what you buy fresh or grow yourself. A wise shopper will always find alternatives to inflated prices. Learn where the bargains are and what is in season at the super market.
Train yourself to comparison shop. A comparison shopper knows where the best bargains are located, so when a particular item is needed in the household, that is where you head to save money.
Comparison shopping can be done while shopping for needed items. Say you are shopping for a pair of pants and make several stops at different shops in a mall to get the best deal. As you walk through the shops, note the prices of other items such as shirts or blouses that are displayed near the pants, and compare the prices between shops. Don't compare the sale price, but the regular retail price. Also check the mark down racks to learn where the best bargains can be found, so some time in the future when you need a shirt or blouse you can return to the lowest priced shops.
This also carries over into grocery shopping as well. Sometimes a store will have reasonable prices on quality meats and dairy products while just across the street the prices are better on frozen items and produce. Shop accordingly. Purchase your meat and dairy products at one store, then cross the street and purchase frozen foods and produce.
There are also bargain outlets that carry damaged freight, dented cans, discontinued merchandise. Learn where these are located in your area and shop there first. Then with a list in hand, shop at regular retail outlets.
Save money by shopping less frequently. If you change from grocery shopping once a week to shopping once a month, you will cut your food bill considerably. Sticking to a list will get you in and out of the store with minimum cost. To do this you need to keep a supply of staples on hand.
Never go shopping without a list, then buy only those items on the list. This is of primary importance when you find you have to visit a store between your monthly shopping trips. Not only will this cut down on the number of trips to the store, but it will save time, gasoline, and money.
I've just published an interesting hub on this week's weekly topic!
http://hubpages.com/hub/Borrowing-To-Bu … hink-About
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Start making regular payments to your creditors, even if you can only pay them a small amount. If your creditors see that you are committed to sorting out your debt, they will give you some leeway while you figure out your long term repayment strategy.
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