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Debt Counseling Assistance :: Debt Cure
Debt Cure:
How to Cure Your Debt Starting Today
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If your finances are sick and you need a debt cure, the remedy may not be as hard to find as you think.
From loan consolidation options to pay-down and budgeting strategies, there are methods to fix your debt sooner rather than later.
If you’re looking for a debt cure, keep reading for 3 great strategies that will help save you money and get you out of debt.
Investigate Debt Consolidation
As far as a good debt cure goes, debt consolidation won’t get rid of your debt, but it can lessen the impact it has on your finances.
Debt consolidation helps lower your monthly interest payments, organize your finances and get on top of your debt.
However, the debt is still there, still needs to be paid off and you have to remember to keep yourself on track, without falling into old spending habits.
Start Small, Go Big
To really tackle debt, you have to start paying it. One of the best strategies out there is by the best-selling personal finance author Dave Ramsey (The Total Money Makeover: A Proven Plan For Financial Fitness).
Ramsey suggests the best debt cure is to establish an emergency fund of $1000 and then list your debts from smallest to biggest.
Once you have a full and complete debt list, focus all your efforts on the smallest debt, while still maintaining your monthly payments on the other debts.
If an emergency arises, use the funds in your emergency account and then replenish it, rather than relying on credit. Slowly but surely, you’ll knock off your debt.
Admittedly, the Ramsey program doesn’t tackle the debts with the highest interest rates first, but instead it relies on the psychological bonus of knocking a debt off your list. As far as a debt cure goes, this one could be a winner.
Be Honest About Your Debt
When tackling any personal debt problem, you have to start by completely honest with yourself. Don’t hide a small department store balance or try to forget about a pending bill.
Instead, write your debts out in big, red letters and keep them posted in your office. Every time you make a payment or get a statement, update your debt list. This potent debt cure is sure to fix the debt blues.
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