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Debt Busters: Tips to Help You Eliminate Your Debts

30 May 2014  |  0 Comments

Tips to help you eliminate your debts

Debt is one of the foundations of everyday life right now as a result many people are living beyond their means. People have debts for homes, cars and of course credit cards. Interest means you are paying more for items than the sale price. Do you want to get out of debt? If so, here are some helpful hints to assist you.

Move To Cash Only

What if you only used cash for all of your expenses? What if you only used cash for the restaurant meals, the lavish gifts and the over the top expenses that you have? You may be less likely to buy and do those things. The key to getting out of debt is to stop creating more debt. If you move yourself to a cash only system, chances are good you will be in this type of position going forward. Here are a few tips to make the move.

  • Stop using credit cards. Take them out of your wallet and store them in a place you won't touch them. If you need them, they are there, but you will not have access to using them for frivolous spending.
  • Start paying bills using your checking account. Most of today's checking accounts feature debit cards which means you can make all of the transactions you have the same as you did before, but the funds come directly out of your checking account rather than your credit card account.
  • Carry a notepad with you and record every item you spend money on for a month. Look back at these numbers and see just where your money is going. You may be surprised how much you spend on fancy coffees, dinners out or other items you really do not need. It adds up!
  • Live within your means, if you cant afford it now you probably shouldn't be buying it.

Once you are on a cash only system, it is time to consider other ways to get out of debt.

Looking At Debt Closely

A good option for many people is to consolidate the debts they have into more affordable loans. It is hard to remember when 4, 5 or more credit card payments are due each month, not to mention medical bills, personal loans and secured loans. Instead of dealing with all of these bills individually, lump together all of your unsecured debts into one larger loan. Through debt consolidation, you will be able to repay your debts quickly, without having to take into consideration all the risks of missing the payment.

Debt consolidation also can help you to pay less. If you can secure a low interest fixed rate loan, such as a personal loan, to transfer all your debt to, chances are good you will be able to reduce your interest rate and therefore pay less on your debts. The best way to get out of debt, though, is to make larger than the minimum payments on these debts and to repay them quickly. You will benefit from being able to repay your debts when you know what you owe and can condense it all into one payment.

Look Into Other Options

For some people bankruptcy is an option for getting out of debt but it should considered only as a last resort. Consider bankruptcy as a last option if you are simply unable to continue meeting your repayments to your creditors.

When you consider all the options you have in debt repayment, consider your life. Making key changes to your life and financial future is the best way to get out of debt and to keep out of debt for the long term.

Fox Symes is the largest provider of debt solutions to individuals and businesses in Australia. Fox Symes helps over 100,000 Australians each year resolve their debt and take financial control.

If you are in debt and want to know more about the solutions available to you contact us on 1300 098 127 or fill out the short contact form.

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  1. Credit cards, store cards and personal loans are types of unsecured debts. Mortgages and car loans are not.