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How to Reduce your Debts:
Get a handle on the problem; then take action by using these six steps:
- Make a List of what you owe. List the name of the creditor, amount owed and monthly payment. Add up the amounts owed and monthly payments.
- Prioritize to determine which debts are most serious, requiring immediate attentions, such as foreclosure or repossession.
- Communicate to your creditors where problems exist. Call them and let them know you are making every effort to develop a repayment plan. Listen to any of their proposals. Never agree to a repayment plan you cannot do.
- Use your assets for debt reduction. For example, covert your whole life insurance to term insurance, sell stocks or bonds and use your savings to pay down the debt.
- Adopt an emergency budget plan and put more of your income into debt repayment. Eliminate all but the most necessary expenses for a period of time.
- And last LIVE ON CASH. Cut yourself off from more credit. Get rid of plastic.
Remember, a budget is a performance check. It can be rearranged as successes are met.