Not sure how to get out of debt? Here are a few easy tips you can follow to get the best results in the shortest time.
Incurring debt is easy, but managing debt is not. It requires financial discipline and knowledge of debt reduction solutions to do so. One solution all counselors favor is to shift to debit cards. Once you do that, you spend only as much which as is in your bank account. The question of incurring new debt will not arise if you stick to your goal.
The second, and relatively easier, solution is to reduce the number of credit cards that you own. This can be done by taking a pair of scissors and cutting all your credit cards, one by one. You can always retain one credit card for use only in an emergency. This credit card should be the one that charges the lowest rate of interest. These two steps — reducing the number of credit cards you have and obtaining a debit card — will cut down on your wasteful spending. You will then have more disposable income to clear your debts.
Your third step is to transfer all your old credit card balances to the card that you have retained. When you do so you lower the interest on your cumulative...
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