Do You Need to Go on a Debt Diet?
- Mark Edwards ·
- 0 Comments ·
- July 4, 2017
If you feel that it is time to start shedding your debt, you may want to consider going on a debt diet! Just as in the way we would place ourselves on a healthy diet to combat those extra pounds gained over the years, so too can we put ourselves on a debt diet to begin assessing our financial problems, working out how to start eliminating that excess debt and developing a healthier economic future for ourselves!
The Three Step Debt Diet Challenge
Though it may seem a substantial uphill struggle at the beginning of taking control of your outstanding debt, the results will be worth every single cent!
- Stand back and look at the bigger picture
Assess your situation with as much honesty as possible. Make a list of how much debt you have accumulated in total and don’t try to make the final figure look less than what it is! This last number may come as a shock to many people when they undertake this task, but it is usually the only wake-up call they need to take further action.
- Start a plan of elimination
Spurred on by your above revelation, now is the time to act and do something about the problem now you are fully aware of the situation. Arrange you debts by size and interest types and then work out which one you will benefit from paying off first. Much of the time it is getting the smaller of debts paid off first that gives people all the motivation they need to carry on working on eradicating their obligations.
- Devise a new and improved budget
Ensure that you never end up back in this dark place again and commit to a brighter financial future by creating a practical and efficient personal budget. A budget can help you get out of debt and then continue to stay out of debt when your finances are clear again.