Secrets To Debt Reduction
The secret key to debt reduction is for you, the debtor, to be absolutely committed, totally 100% committed, to reducing your debt or getting out of debt entirely. Have you ever been totally obsessed in achieving anything? Take just a moment, look back on your life and think of a time when you were that obsessed.
Getting Excited About Debt Reduction
Maybe it was while you were in college, and you were obsessed with getting good grades. You attended every class, and you took copious notes. You read ahead in the syllabus and focused on your assignments with feverish intensity. You started studying early in the semester so you weren't caught short at Finals or mid-terms. Your friends and family knew better than to expect you to slack off and hang out with them.
Perhaps it was a car you were truly excited about. You looked up pictures of it in car magazines or on the Internet and read reviews and reports about it. You read the owners' club books and craned your neck every time you saw a car just like it drive by while you were cruising around town in your shabby, boring older car. You saved and sacrificed, and put away all the money you would need to buy your dream car. Then came the proud day when you purchased that car, and it was all yours.
Get Really Obsessed About Debt Reduction
Debt reduction takes that kind of commitment, dedication, and, yes, obsession. You should be thinking 24/7 about how you can reduce your debt. As you step onto the bus or train to commute to work instead of driving, congratulate yourself on the money you are saving on gas and parking.
During lunchtime, when your co-workers spend upwards of $10 or more on sandwiches, salads, hot dogs and hamburgers take out your sandwich or salad from your brown paper bag you brought from home and congratulate yourself saving $50 or more per week. That is over $2,600 per year you can apply toward debt reduction!
At night, after work, enjoy a movie....on DVD, that is. Save $10 to $20 by watching movies at home instead of going out. Eat dinner and dessert at home. Ask someone to teach you how to cook if you don't already know how.
Track Your Changes
Keep a journal, log or notebook of your quest for debt reduction. Jot down every cent you save so you will be aware of even minor efforts that have been made and that they are worthwhile. Total up your savings at the end of each week and write a check for the amount you accomplished to save. Utilize that money you saved toward your ultimate goal of debt reduction by paying down higher interest credit cards first, then other debt as you go along.
Author L. B. James, true advocate for useful information, has penned many unique articles about reducing debt. See more of his works here about Debt Reduction You can also read other articles by him at the blog Desert Blogger
Source: http://ezinearticles.com/
Added: May 9, 2008
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