If you have been following my blog and would travel to feed your craving for interesting and delicious food, but are being held back by debt, now is the time to do something about it. Perhaps you have found it hard to face your debt, but really the first step towards getting rid of debt is facing it. Once you have faced up to the fact you have debt, you may find the tips in this article useful for beating it.
Create A Spending Plan Or Budget That Works For You
People are put off by the word budget, but this is only usually because they haven’t tried one before. The reality of a budget is that it is essentially a spending plan that will help you stay focused on your debt payments. It is important if you are serious about beating debt to have a plan laid out that ensures you are paying outgoings are less than your income.
Consider Taking Out A Consolidated Loan
One way that you can make keeping on top of your debts and ensuring that you pay them off is consolidating them all into one payment. This would mean that you no longer have to worry about paying different companies different amounts and keeping an eye on different interest rates. Another advantage to consolidated loans is that they have a much lower interest rate. You can learn more here.
Always Pay More Than You Need To
With any debt you have to clear, you will always be informed of the minimum payment you need to pay each month, to keep the debtors happy. Although you may be tempted to just pay this, it is not the most effective or quickest way to beat your debt. Rather, you should aim to pay more than the required minimum. Even just a little bit more than the amount they are asking for can help.
Look At Your Options For Refinancing
If you own your home and have enough equity you could consolidate and refinance your loans into your mortgage. Much like taking out a consolidated loan, this means that you have one single payment to worry about, and one rate of interest. If you are Norwegian, head over to this website for more information on debt management and refinancing.
Spend Less Than What You Intend
If we are honest with ourselves, most of us want more than we can actually afford. One of the biggest causes of people getting into debt is the fact that they buy what they want, when they want it, without thinking about whether they can actually afford it. Therefore, if you are serious about beating debt you need to only buy things if you can really afford them. It is also a really good idea to hide your credit cards, or even destroy them until your debt is dealt with. If you try and find that you could be satisfied in life with, even temporarily, having less then you want, it will be much easier and quicker to get rid of your debt.