Debt Elimination and Lifestyle Change: A community blog

Linda Chavey writes about how to change your lifestyle habits in order to eliminate debt.

Steps to help start your debt-free plan

Written by Linda Chavey, Community blogger | Mar 13, 2013 7:39 AM
If you are trying to figure out how to start your debt-free plan, the steps below may help to get you want to be. Create a realistic spending plan, which is a personal or family budget. Set aside money each month to pay down existing debt. Stick with your plan and avoid unnecessary "impulse" purchases. Contact your creditors requesting lower interest rates or to settle debt. Pay down debts one-by-one, starting with the smallest debt. You can also start with your highest interest debt but you may not see an impact as quickly. Starting with the smallest debt and paying it off is a motivational technique to keep you on track. Don't use credit cards! Use a debit card to stay on track. Cash and the envelope system are always the best option. Avoid taking out additional loans that add to your debt.

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