Is there really a way to reduce your debts? Yes, not only can you reduce them, but outright elimination is possible as well. It requires a good financial plan, some budgeting, and follow through to pay back the loans. This often entails some sacrifice on your part. Such sacrifices can mean turning in your membership to a favorite club, reduce spending when going out with friends, or even canceling cable TV. Any non-requirement may be up for consideration. Ongoing debt can prove to be a significant burden and mar your credit score. And no one wants to face the harassment of creditors who use various pressure tactics to intimidate you.
However, there is hope!
Dont Pay the Minimum Amount
Whether credit cards or home operating bills, they arrive in the mail each month like clockwork. Resist the temptation to pay only the minimum charges on the statements; in fact, whenever possible pay the entire amount due. This way, you avoid incurring fresh debt and are simultaneously able to reduce those you already have. Credit cards companies typically charge a very high rate of interest on your outstanding amounts, and the interest is compounded on a monthly basis. So by...
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