In order to reduce your debt quickly, you must be willing to make changes in your spending habits so that you can pay extra money each month toward your debts. Reducing debt is not an easy process, but it's not an impossible one either. If you are ready to cut back on your spending, you can reduce your debt quicker than you may think.
Get a Second Job
One way to get a little extra money to put toward paying off your debt is to get a second job. Even just working a few nights a week and some weekends will help you to pay off your debt quickly.
Skip the Vices
If you smoke, quitting could have a dramatic effect on your efforts to reduce your debt. Saving just $7 a day, whether by giving up smoking or your special, expensive coffee, can save you nearly $2,500 per year. Cut up your credit cards to avoid spending money that you should be saving. You should keep only one credit card for emergencies. This will go a long way in helping you to quickly reduce debt.
Reduce Housing Expenses
Reduce your housing costs by moving to a cheaper home or getting a roommate. Be careful, though, to add up the costs of moving and make sure that your move is not costing more than it is saving you. By putting the extra cash you were paying for housing toward your debt each month, you will see a significant difference in how quickly your debt will begin to disappear.
Modify Travel Arrangements
If your family owns two cars, consider getting rid of one of them. If you are still making car payments, you could use that extra money each month to pay off your debt. Look for other ways to commute, such as car pools and public transportation. If you live close enough to your job, you could even ride a bike to work.
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