|Debt Reduction, A Necessary Endeavour
By Jay Moncliff
Massive debt is something many Americans face. Debt reduction is now becoming more and more of a necessity.
Even a low amount of debt can cost you a lot in the end and it can take a very long time to pay off. An example:
Let's say you have $4000 in credit card debt and your interest rate is 14%. If you only make the minimum payment
each month, it will take you 21 years to pay it off and you will have paid over $5100 in interest. Doesn't that sound
awful? This is why you may be interested in debt reduction.
Debt reduction can be done in many different ways. A recent method being used is to buy some debt reduction
software. You can purchase debt reduction software online or at a computer software store. The software usually
comes with a debt reduction calculator to help you decipher how quickly your debt will be paid off in accordance to
you monthly balance payments. Similarly, there are also debt reduction books you can purchase at your local
The first step to debt reduction is to realize you are in debt, and you may have poor spending habits. To start debt
reduction off on the right foot, you must decipher needs versus wants. You should only purchase things you need,
not things you want. An example: you need food, water, shelter, electricity, etc. You want new shoes, to dine at
fancy restaurants, a fancy car. To get anywhere in debt reduction, you must separate these two things. Only
spend money on what is absolutely necessary, not on things you want but don't need. This is probably the most
difficult part of debt reduction many people face.
Many people are in debt because of the many loans they have. These can be a car loan, house loan, school loan,
etc. Many people end up way over their head in debt. When you have this many loans, go see a debt reduction
counselor or credit counselor to help you consolidate these debts and hence start your way to debt reduction.
With the proper frame of mind and some restraint you can eliminate your debt in a fast and easy manner. Once
you come to realize that you need help with debt reduction, you will be that much closer to eliminating your debt.
Seek out help and get that enormous weight off your shoulders. I promise you will feel much better.
About the author: Jay Moncliff is the founder of http://www.debt-relief-center.info a blog focusing on the Debt, resources and articles.
This site provides detailed information on debt. For more info on debt visit: http://www.debt-relief-center.info
The best route for help with
debt reduction is to go see a
credit counselor or a debt
reduction counselor. Most
charge a fee for help with
debt reduction, but there are
several non profit debt
reduction organizations that
help people with massive
debt for free. There are also
courses in debt reduction
offered at many college
campuses. Sometimes you
may also learn of free debt
reduction seminars. It is best
to call around and see which
option is the best for you.
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