Dawn Bennett of Bennet Group Financial Services knows that personal
debt is both crippling for the consumer and the economy. Though debt is
extremely simple to get into, it’s impossible to get out of it without
setting some very basic goals and intentions to do so that will require
specific actions and changes in spending behavior.
1.Begin reducing debt by focusing on your credit cards. If you have numerous accounts, limit your spending to use only one or two cards and pay off all new charges in full with each payment. At this point, do not plan on purchasing anything that you cannot pay for right now.
2.Focus on paying off one credit card at a time until they’re all paid off. Continuing to pay the minimum on each bill doesn’t work toward your accrued debt, and those cards will never get paid off if you’re never above the minimum. Try to up your payments on one card between $150 and $200 dollars per month, not including the minimum payment. After you finish one card, move on to the next or onto a different type of consumer debt that you owe with the same plan.
3.After you begin to make significant dents in your overall debt, continue with the thought process of paying everything off in full each month. Don’t make purchases that you can’t afford unless you absolutely must. In short, don’t take your relief from debt as an excuse to accrue more.
Dawn Bennett is the host of the national radio show “Financial Myth Busting.”
Sources:
http://www.richdad.com/Resources/Rich-Dad-Financial-Education-Blog/January-2014/six-simple-steps-to-reduce-personal-debt.aspx
1.Begin reducing debt by focusing on your credit cards. If you have numerous accounts, limit your spending to use only one or two cards and pay off all new charges in full with each payment. At this point, do not plan on purchasing anything that you cannot pay for right now.
2.Focus on paying off one credit card at a time until they’re all paid off. Continuing to pay the minimum on each bill doesn’t work toward your accrued debt, and those cards will never get paid off if you’re never above the minimum. Try to up your payments on one card between $150 and $200 dollars per month, not including the minimum payment. After you finish one card, move on to the next or onto a different type of consumer debt that you owe with the same plan.
3.After you begin to make significant dents in your overall debt, continue with the thought process of paying everything off in full each month. Don’t make purchases that you can’t afford unless you absolutely must. In short, don’t take your relief from debt as an excuse to accrue more.
Dawn Bennett is the host of the national radio show “Financial Myth Busting.”
Sources:
http://www.richdad.com/Resources/Rich-Dad-Financial-Education-Blog/January-2014/six-simple-steps-to-reduce-personal-debt.aspx
