It happens to all of us. We wake up one day and find that we are drowning in debt. It would be nice if there were a way to reduce our debt quickly. Here is an idea, which if done right, can reduce your debt quickly. This idea is going to take some discipline and self control. But if you put your mind to it I have no doubt that you can succeed.
The first thing you will need to do is create some extra income. It does not matter how much it is. Any amount will greatly help your cause. It can be as much as an extra twenty dollars a week. There are a lot of things you can do to make an extra twenty a week. You can cut grass, rake yards, or even collect can. Be creative.
You want to pay your lowest bill off first. If you start with you highest bill you will find that it will take to long and quit. Starting with your lowest bills allows you to quickly pay one off and encourages you to move on to the next one. Once you pay off one bill just move on to the next. Just take out one at a time and you will find your debt decreasing in no time.
You are going to want to keep paying you bill the same way you do every month. Pick the lowest bill and start putting the extra money you make in that month toward the bill. If you are creating twenty dollars a week in extra income you will find that you have an extra eighty dollars to put towards your bills.
When you get one billed paid you need to take that money and add it to the payment of the next bill. This will increase the payment of the bill to where it will be paid off quicker. Once you have paid off the one bill make sure you add the money to the monthly payment of the next bill. If you do this you will be out of debt before you know it. It will be the best feeling you have every had.
Self control will be the key to this Idea. If you pay off a bill and then take the money and just waste it you will destroy your whole plan. The idea is to pay one bill off and increase the money that you are paying on the next bill. If you do not follow the plan it will fail.
I am not saying that you have to wait till all your bills are paid to be able to spend some of the money you save. This will be a personal decision that you will have to make. Only you know your financial situation and it will be primarily up to you what money goes to bills and what comes back to you.
This is just a little idea to help you take care of some debt. With this plan you can seriously take some debt off the table but it is not some miracle cure for debt. The best way to live outside of debt is to not get into it. But that is a whole other article. Good luck in your battle against your debt.