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5 Ways to Cut Down on What You Owe


Are you desperate to cut the amount of debt you owe, so that you can increase your financial stability, stop having to worry about bills, and perhaps even start saving more towards your future? You’ve come to the right place because right here are some very simple and effective things you can do to dramatically cut the amount of money you owe out each month:

Stop Spending with Credit

This one should be pretty obvious, but you’d be surprised by how many people who are trying to get their debts under control still use their credit cards! This is like trying to lose weight but still eating cake every day - it just won’t work.

If you want to get things under control, you need to freeze those cards in ice, cut them up, or if possible cancel them, or you will only make things much worse!

Pay Off as Much as You Can Spare

You might feel happier paying off the minimum because it leaves more money in your pocket at the end of the month, but if you do that,you’re going to be making those payments for years and years with no end in sight and an ever-growing mountain of debt. What you should do, if you’re serious about cutting down on, and eventually eliminating, the amount you owe, is to pay as much money off your debts as you can each month, even if that means you can’t use that overtime to buy a new outfit or you have to spend more time at home for a while- it’ll be worth it in the end, when you’re free from owing anyone anything at all!

Start Spending Less

In order to maximize the monthly repayments you can make, you’re probably going to want to cut down on the amount you’re actively spending each month. This might not be easy at first, especially if it feels like you’re already stretched, but if you use a spending tracker, like the one at, chances are you’ll identify at least a couple of areas where you can cut down further. At the end of the day, every penny counts.

Consolidate Your Debts

If your financial situation is really out of control and you have multiple debts making it difficult for you to even meet the monthly payments, let alone cut down on what you owe, take a look at to see if you could consolidate your debts today. If you can do that, you’ll be better off from month to month, and you will pay off your debts at least a little faster than you might otherwise have done.

Clear High-Interest Accounts First

Finally, if you want to get truly on top of your debts and diminish the amount you owe out, you need to ladder your debts, with the most expensive interest accruing ones at the top and the cheapest at the bottom. Then, concentrate on paying more off the debts at the top of the ladder first. This will prevent interest from mounting up and getting out of control.

In order to cut down on what you owe, you need to get serious about sorting out your finances and paying down your debts. The above will help you, but if you aren’t 100 percent committed, you will not succeed. So, get serious!


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