Most of America is held in the death grip of mortgage debt, student loans, and credit card bills. It's not your fault, so why should you suffer for it? It's one thing to borrow money and pay it back, but it's quite another when you live in a system which practically requires putting yourself in debt as soon as you hit adulthood. Except the system doesn't care that it's forcing you to sacrifice your quality of life -- as long as they make money, they're happy! There are many debt reduction tips out that can speed up the process of getting out of debt and relaxing again.
* Tip #1: Debt Worksheets
Debt worksheets are great for people who like to stick to a system. You can easily make your own planner worksheet for debt with just a chart that lists your daily income, your required minimum payments for bills, your other expenses, and any money left over. People are often surprised that just by laying everything out in one worksheet can reveal an obvious problem that they never noticed for a long time. Keep a calculator handy, and don't take shortcuts by leaving it to your memory or trying to get away with mental math!
* Tip #2 Debt Reduction Snowball
If the debt reduction planner doesn't give you any ideas, use it as the basis for what's called a snowball. Write down all your required bill payments and incomes, and make notes of the minimums required every month. Start by paying the bare minimum for all but the smallest debt balance -- any money you have left goes towards this smallest one until it's paid off. Once that one's gone, take all the money that used to go towards that particular debt and put it toward your next smallest bill. Keep doing this to build up your debt snowball. Pretty soon you'll be chopping substantial chunks off the bigger debts.
* Tip #3: Roughing It
It's the oldest trick in the book, but you can really quicken the debt reduction by cutting corners everywhere. Don't buy candy, don't go to the movies, cook more often. Look for bargains between stores and clip out coupons. It's been said that time and money are interchangeable; spend one and you'll save the other. Whatever extra bit of money you can save at the end of the month should go right toward your debt.
As you can see, most of this stuff is about careful planning and common sense. But, if you're really drowning in debt, there are some really incredible secrets out there. I can't get into them here, but a visit to this website has been a rapid turning point toward a debt-free life for a lot of people. If your debt is bad enough that you don't see an end to it anytime soon, I highly suggest you consider that.
