The Formula To Debt Relief

The first thing to do is to stop running from the bill collectors and looking at your caller ID before you answer the phone. You realize you have a problem, and it is time to acquire yourself to a financially stable point. By facing up to your responsibilities you are sending a message to yourself that enough is enough and you are going to do something about it. They say that the first step in curing an addiction is to admit that you have an addiction. As with anything new, the first steps are the hardest.

Another thing to do is to threw of your credit cards. If you feel it is necessary for you to keep only one, for emergency use only, you can. The reason is because of the interest charges that you pay. Credit cards charge a high rate of interest which if you continue to leave unchecked would spiral out of control, leaving you more work to do to achieve debt relief. People have said that when your credit cards are ripped up either by you or someone who cares about you, you feel as if you are losing some of your independence. Whenever you have to pay for something, you should stick to only using cash. If you do not have enough cash for a purchase, save your money until you do. This would assist you avoid impulse buying.

You should also set up a savings account if you do not already have one. In this account you should commit to putting a specific amount of money into it on every payday. Leave this money alone. It might be in your best interest to set up a direct deposit into the savings account. This would keep the money out of your hands altogether and put you on the path for achieving debt relief faster. If you do not see the money, odds are you would not miss the money.

Another way for you to cut down on your spending and bring down your debt is with the food you purchase for meals. When you are shopping in the grocery store, you should consider buying a larger pack of meat that could be split into smaller portions. For example, instead of buying five single pounds of hamburger, you could buy a larger package and split it up when you acquire home. Prepare meals that could stretch, like casseroles. One thing I saw a student friend of mine do was to make soup for a week and then have it everyday as a snack or a main course with some bread and different meats.