An Array of Debt Solutions
If you have reached the point where you have had it up to here with your debt, concentrate now on the debt solutions that are within you capabilities. Before you know it you will be making a significant dent in your debt.
Spend Less
One sure way to retire your debt is to spend less money, and apply the money you save to your existing debt. At first you might think this will not generate enough savings to be a serious debt solution, but it all depends on how much you are willing to sacrifice to get yourself out of debt.
Eat at Home
One relatively painless, and healthy, way to spend less is to cut back on the amount of takeout and restaurant food you eat. Not only is home cooked food less expensive, it is almost always healthier and better for you than restaurant food.
Limit your coffee to one cup or two cups a day at home, and skip the espresso or latte. If you don't feel like you can give it all up at once, start by skipping it one day at a time. If you miss the caffeine, learn to like diet soda, which you can buy in bulk and drink for considerably less than one dollar per serving.
Small Change
Small change adds up. Most banks today offer a plan where you can round all your credit and debit card purchases up to the nearest dollar and deposit the difference in a savings account. Once a month, transfer the funds from savings to checking and use it to pay off your debt. This debt solution is a painless one you may never notice.
Sell a Car
Cars are expensive. The price of gas is skyrocketing and shows no signs of coming back down. Insurance costs increase every year, even if you never have an accident or make a claim. If you live in a two-car (or more) household, try to rework your schedule and your lifestyle so that you can get by with one less car. This is a debt solution that can make a difference fairly quickly, as you will save hundreds of dollars every month without a car payment, insurance payment, maintenance costs, and gas in your budget.
Whichever debt solution you choose to implement, be sure to use the money you save to pay down your debt. Pledge right now to apply any windfalls you receive against your debt. From now on, every birthday check, every annual bonus, tax refund, and other windfall you receive will go to pay your debt.
