A big part of recognizing our patterns with debt is in the title. One of the reasons we get into debt is due to our love of excess. We focus too much on acquiring more. We fail to recognize and appreciate what we already have.
When this happens we tend to fall into the trap of debt. How much debt we have is determined by how much we get mixed up in this trap. Some have only a small amount to pay off. Others have hundreds or thousands of dollars to pay down. Either way, the debt needs to get paid down.
1) Make a list of what you owe and to whom. Part of the reason why some have issues is because they do not make a list. They have no idea of who they owe money to and for how much. Write it down in black and white.
2) Got creditkarma.com or another site like this. Find out what your score is. You will know what you have to work with then. Make a list of the rates you be able to get lowered or changed. Go to a site like credit.com and see about a transfer. There is a way to transfer things over so you do not have to pay so much. It is up to you to find out how.
3) Ask for some assistance from your family. This is a bit unconventional, but it will work. Some feel that it ruins family relations. It will ruin things more for those who are unable to get a handle on their money issues. It is better to be in debt with your family than it is with a business. A true family will give you time to back them back without the interest or late fees. A business will not. They worst that can happen is they can say no.
4) Cut up the credit cards. Only keep one around for extreme emergencies. Cut up the rest. I did this many years back. I cut up all my credit cards. I do not use them anymore. It is hard to give into the temptation when it is not there.
5) Payoff the most expensive debts you have first. Work your way down after this. The most expensive debt with the highest rates is what is hurting you the most. Try to negotiate a better rate on your loan. It may work it. It may not. Give it a shot.
6) Give yourself a time out from spending for a while. Learn to appreciate and take care of what you already have. You will find the other stuff you want on your list is nothing more than an excuse to spend money. Remove the excuse and feel better about yourself.
Get in touch with Nationwide Debt Direct to find out how they can help you in your journey to pay off your debts.