It’s not easy being in debt. It’s not easy having the burden of debt weighing on your shoulders. You have financial obligations you want to take care of, and you have responsibilities at home that are important to you, but you may not know where to start. You constantly feel worried, scared, overwhelmed, and even helpless. Well, you are not alone. This is very common today. Many people are suffering from carrying too much debt. And many people decide to do something about reducing their debt.

There are many ways to get help with debt reduction, but the first step to take is to learn to control your spending. Controlling your spending doesn’t have to mean sacrificing. It means self control and discipline. Once you are committed to a plan for living debt free, you need to develop self control of your spending habits and the discipline to do what is needed to reduce and/or eliminate your debt.

Determine where you can cut back on unnecessary spending. Spending money every week on things like specialty coffees, eating out for lunch everyday, dining out once a week or more, snacks from vending machines at work, and such. When calculated, you may find yourself with an extra $50 or more per week that you can save. That’s about $200 a month, or $2,600 a year. With the money you are able to save every week, start putting it away. Let’s call it your Debt Free for Life Fund. Every week you add more money to your Debt Free for Life fund. As your fund grows, you can see yourself getting closer and closer to reaching your goal of living debt free.

Limit your use of credit cards. Think about it. You are making a purchase BEFORE you actually pay for the item. This “privilege” not only allows you to buy something without paying for it until a later date, but also allows you to pay more for the item then its selling price. It’s called interest. It could take years to pay off credit card debt. A balance of $8,000 with an interest rate of 18% will take about 25 years to pay off, totaling nearly $24,000. I don’t know about you, but I sure as heck do not want to pay 3 times the amount of an item and struggle for 25 years to pay it off. So be careful with the use of credit cards.

Becoming debt free and living debt free is possible. When you want something bad enough, like getting your life back, making the commitment to getting out of debt becomes much easier. It begins with a plan to reduce spending, being consistent in your savings, and managing your expenses more efficiently.

Author's Bio: 

Kevin Michaels is an Expert Author.



This definition is part of a series that covers the topic of Debt and Debt Consolidation. The Official Guide to Debt and Debt Consolidation is Leo J. Quinn. Leo J. Quinn, Jr. has been teaching and motivating people all around the world to get out of debt as quickly as possible. His best-selling book, “How To Own Your Paycheck Again”, has transformed literally thousands of financial lives. He also authors a lively weekly newsletter and is a much sought-after speaker for self-help and marketing seminars. One of Leo's most important goals is to help people improve their overall attitude about money or their "Moneytude" as he calls it.

Additonal Resources covering Debt Consolidation can be found at:

Website Directory for Debt and Debt Consolidation
Articles on Debt and Debt Consolidation
Products on Debt and Debt Consolidation
Discussion Board
Leo J. Quinn, The official Guide to Debt and Debt Consolidation