TIPS FOR REDUCING YOUR DEBTS

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TIPS FOR REDUCING YOUR DEBTS
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• Generally, it is sound financial advice for you
  to get out of debt. But that may be easier said
  than done, especially if the debt is sizeable
  compared to your ability to repay. When locked
  into a long cycle of debt repayment, the drudgery
  can become a significant burden. The payoff of a
  particular balance can seem far into the future
  and you will have to maintain your discipline to
  eventually get out from under the burden.

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• The following are some tips and strategies that
  may help you reach your goal sooner.
• Considering a Major Purchase? One way to reduce
  your debt is to save in advance for planned
  purchases and eliminate all together the need to
  borrow and pay the finance charges. Use
  the Savings Goal Calculator to determine what it
  will take to reach your desired savings goal.
• Plan Your Debt Retirement! Being able to see the
  light at the end of the tunnel makes the
  sacrifices needed to clear up your debt easier to
  live with. That's why you should have a plan in
  place to retire your debts.
• Establish an Emergency Fund. Unless you are very
  lucky, over a long period of time you will incur
  unexpected expenditures. Typically, when that
  happens and you have no cash available, the
  emergency expenditure ends up on your charge card
  and the cycle of new charges and repayments

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• A better solution is to allocate some contingency
  dollars to an emergency savings account while
  paying back your credit cards as quickly as you
  can. This allows you to divert more to paying off
  existing debts when the emergency fund becomes
  large and significant to cover unexpected
  expenditures. Your goal should be to avoid any
  new charges while watching your balances decrease
  at a planned rate.

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