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Eliminate Debt In Ten Steps
By Ted Batron
There are a lot of reasons that people end up in debt. Unfortunately, for most, the reason seems to
be overspending and a disorganized or absent system to manage money. Usually its a little bit of both.
There are legitimate reasons for being in debt. Job loss, and other factors. Whatever the reason, it is
important to eliminate the debt, and not incur any more!
Here is the top ten list for eliminating your debt. Its not always easy to follow. But it is vital that you use
this list as a guide. These ten rules will get you out of debt, and keep you out of debt in the future.
1. Make a realistic budget. Get all your bills written down. You have to see it in front of you for it to
work. Make sure that the total of all your bills and expenses are within the amount of money that you
earn. If your total bills and expenses are more than 90% of your income, you will need to make some
changes.
2. Use the payment snowball to get your credit cards and consumer debt paid off. If you have a little
cash and can afford to make a lump sum payment on your cards, pay them to below 50 percent of the
card limit. This will increase your credit score. If you cant, then just begin to use the payment snowball
system to pay off your cards beginning with the highest interest rate card. After its paid, cut it up and
close the account.
3. Use cash! Keep only one credit card, in a drawer in your house. Don't carry it with you. It isn't real
money. If you need a new refrigerator or an emergency car repair use it. But never allow the limit to
exceed what you can easily pay of