Lots of people that never had a debt problem in their lives are now struggling to make their monthly payments because they were forced to take on additional debt because of the ongoing financial crisis, and because of their lack of experience they're not aware of a few simple steps that could easily ease their burden.
Following are eight well tried and tested tips, and they will help anybody and everybody that really wants to get debt free.
1) Reduce Your Outgoings
Reduce your spending by as much as is possible without becoming a martyr.
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If you go to extremes, then you'll likely give up and then go on a spending binge, which is not what's needed.
Just doing simple things like cutting out a daily latte coffee which costs around $4 a cup will save you perhaps $80 a month, and taking food from home a few times a week might save you hundreds of bucks more.
2) Visit The Supermarket Less Often
a) The whole psychology behind supermarkets is to make customers buy much more than they intended to, so every time you enter one you'll most likely purchase things that you don't need.
b) Always take a shopping list to the market, and don't buy things that aren't on it, unless you really forgot something or really need it.
3) Don't Buy Any Credit Card Insurance
Credit card companies make a lot of money selling several kinds of insurance that hardly anybody needs, so check if you're paying for it, and if you are - then cancel it!
4) Get Rid Of Your Telephone Landline
It's unlikely that you need a cell phone and a land line, and cell phone companies are offering great deals now with unlimited talk-time, and you can also use free programs like Skype and GoogleTalk to chat with people all over the world for free.
5) Drink Tap Water
a) Tap water is far more regulated that bottled water, and in taste tests around the country, tap water came out tops almost every time.
b) 40% of bottled water is simple tap water, and some brands have additives and others don't, and many of the additives are actually unhealthful if you don't change brands on a regular basis.
6) Cut Back On The Cable TV
Take a careful look at your cable package and see how many programs and extras you're paying for that you actually watch or need, and cancel the rest, if it will save you money.
7) Use Zero Percent Credit Cards
In spite of the credit crunch there are still lots of credit cards companies that offer zero percent introductory offers and it's a great way to save money and get a debt paid off far more quickly.
It's very important to note when the higher rate kicks in however, and to pay off the card with a new zero rate or low rate credit card before the higher rate kicks in, and be very careful to check out how much you'll being charged to transfer an outstanding balance from one card to another.
You gained nothing and might even lose money if the fee will cost more than you'll save on interest.
8) Ask Companies For A Lower Interest Rate
Many companies, if not most, will lower their interest rate if you simply ask them to and they believe that it's in their interest to do so, but be sure to ask if it's going to affect your credit rating.
Few people seem to realize that the better your credit rating is, the less interest you have to pay for loans, and a good rating also makes it much easier to change the loan that you have for one with lower interest, so try to take care of your credit rating if it's a good one. If your rating is already in the pits however, then it goes without saying that you should just try to get the lowest interest rates from everyone that you can, because the effect of renegotiating a loan won't effect it much.
If you follow as many of the above tips as possible, they'll help you a great deal but if you do decide to go the debt settlement or debt consolidation route then only go with a BBB (Better Business Bureau) recognized company, and if you're in an even worse state and are considering bankruptcy, then many lawyers in your area will be more than happy to give you a free appraisal, but be aware that because of the filing fees and charges, that even the most simple bankruptcy will cost you at least $1000 which seems crazy, but is true.
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