Need Help Paying Off Bills?
June 4, 2011 by admin
You can toss those late payment reminders in the food processor or chuck them into the garbage can but that will not make your debts go away. Debt hangs over the heads of most of us, compounding monthly, month in and month out. You cannot wish debt away but you can pay it down. Here are a few ways to get yourself out of debt so that you have more money in your pocket for the things you need.
Consider paying more than the minimum amount due. The minimum amount due on most debt is 2 to 3% of the outstanding balance and only paying this amount only prolongs your agony. Plus, this is exactly what the banks want you to do. The longer it takes you to pay off a debt the more money they make and the less green you have in your wallet. Pay as much as you can afford to each month. If you owe $50, pay $100 if you can. You may be able to find the cash by skipping eating out or by eliminating those trips to the movie rental store. Give up going out every Saturday night. Trim away some unnecessary luxuries so that you can pay more than what is owed each month.
You should find ways to save money. Consider becoming a member of a local food warehouse club so that you can buy your food in bulk. Start clipping coupons and buy off-brand name food products as many are just as tasty as top brand names that cost far more. If you get into the habit of being a frugal grocery shopper you will save yourself hundreds of dollars a year, if not more. Also you should think about shopping in second hand stores and clothing consignment shops. You may be very surprised to discover that you can find some very hip clothing in these types of stores that are in ‘like new’ condition.
The money you save on groceries and clothing can be put toward outstanding bills. Pay those credit cards down and then cut most of them in half. Do you really need to have three credit cards? One should be sufficient.
Instead of planning an extravagant vacation that involves air travel and a hotel stay, consider vacationing closer to home. Camping is a great family activity that costs very little. Americans spend a lot of money on holidays so really give this suggestion a good deal of thought. Why not have a vacation right at home? You could take day trips to the beach, visit the zoo and have barbeque parties right in your own backyard.
These are just a few ways you can save money so that you can pay off your debts. There are many more things you could do including downgrading the type of vehicle you drive, shopping around for life insurance so that you are paying less and much more. Learn to be frugal and pay more than the minimum amount due each month so that you can become debt-free in the future!