Secrets to Debt Reduction

The true secret to debt reduction is for you, the debtor, to be totally committed, absolutely 100% committed, to get rid of your debt entirely. Have you ever been absolutely obsessed about achieving something? Anything? Stop for a moment, reflect back on your life and consider a time when you were 100% obsessed.

Get Excited About Debt Reduction

Perhaps it's been a while since you attended college, and you were obsessed with getting higher grades. You attended every seminar, lab and class and you maintained copious notes. You read way ahead in your assignments and focused clearly on your studies feverishly. You studied early enough in the semester so you weren't caught unprepared at the times for mid-terms or finals. Your family and friends knew better than to want or expect you to just hang out with them or to slack off from your goals.

Maybe it was a car you were excited about. You looked up pictures of it on the Internet and read reviews about it. You read the owners' club pages and rubbernecked every time you saw a car like it drive by while you were cruising around town in your boring old car. You sacrificed, saved, and put away all the money you needed to buy your dream car. And then came the proud day when you owned that car, and it was yours.

Get Really Obsessed About Debt Reduction

Debt reduction takes that kind of commitment, dedication, and, yes, obsession. You should be thinking 24/7 about how you can reduce your debt. As you step onto the bus or train to commute to work instead of driving, congratulate yourself on the money you are saving on gas and parking.

At lunchtime, when your co-workers spend $5 to $10 or more on sandwiches, salads, and burritos, take your homemade sandwich or salad out of your brown lunch bag and congratulate yourself on reducing your debt by $50 per week. That is $2,600 per year of debt reduction!

After work, at night, enjoy a movie on DVD. Save $10 to $20 by watching movies at home instead of going out to see them. Eat dinner, and dessert if you wish, at home. Ask if someone can teach you how to cook if you don't already know how.

Keep Track Of Your Changes

Keep a journal, log or notebook of your quest for debt reduction. Jot down every cent you save so you will be aware of even minor efforts that have been made and that they are worthwhile. Total up your savings at the end of each week and write a check for the amount you accomplished to save. Utilize that money you saved toward your ultimate goal of debt reduction by paying down higher interest credit cards first, then other debt as you go along.

By: L. B. James

About the Author: L. B. James, true advocate for useful information, has written several articles about getting out of debt. Find more of his writings here about Debt Reduction. You can also see other articles by him at the blog Desert Blogger.

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