Aplus Legal Advice | 2022.10.26 12:14 | 570 views
The best idea for a debt reduction program for any individual or business is to slow your spending. Two critical factors to be remembered for debt reduction and slowing spending. The first one is common sense – Stop adding to your debts. If you continue to rack them up, you may never get out of them in the first place. You will also need extra money left on the table each month to pay off your debts more quickly. This is where slowing spending can help.
The best idea for a debt reduction program for any individual or business is to slow your spending. Two critical factors to be remembered for debt reduction and slowing spending. The first one is common sense – Stop adding to your debts. If you continue to rack them up, you may never get out of them in the first place. You will also need extra money left on the table each month to pay off your debts more quickly. This is where slowing spending can help.
Businesses that provide products and services already have much information about you. This information is stored and tracked based on what you eat, shop, and buy products and services. Based on this information, they continue sending emails and flyers to entice you further spending. They try every possible way of making it easy for you, and eventually, you will get into a downward debt spiral. These businesses will also provide you with credit cards and personal loans.
So what do you do?
You will need quite some effort and planning. You will also need to budget your purchases. Think hard for a few minutes before you make the purchase and ask yourself a few questions about youself whether you need that nifty gadget/product or service.
It would help if you defined a purchasing checklist and reverted and re-read the questions in the index when you are about to make a purchase.
What is the price of the product/service?
Is this a regular price or a sale price?
How much am I saving over the regular price if this is a sale price?
Do I need it?
Can I cough up the cash to buy it today?
If not, where will the money come from?
If credit, what will be the credit cost?
If the credit costs are factored in, is it worth it?
Does the purchase fill a need or want?
Can I justify this purchase to a friend?
Would I accept these reasons from someone else?
The above simple questions will help slow down your newer purchases. Try not to rack up any credit card debt along with the purchase. It does take little extra work, but it is very well worth it. Now with the money you save, work on your debt reduction plans. Take each debt at a time and work hard on reducing and eliminating it.
Businesses that provide products and services already have much information about you. This information is stored and tracked based on what you eat, shop, and buy products and services. Based on this information, they continue sending emails and flyers to entice you further spending. They try every possible way of making it easy for you, and eventually, you will get into a downward debt spiral. These businesses will also provide you with credit cards and personal loans.
So what do you do?
You will need quite some effort and planning. You will also need to budget your purchases. Think hard for a few minutes before you make the purchase and ask yourself a few questions about youself whether you need that nifty gadget/product or service.
It would help if you defined a purchasing checklist and reverted and re-read the questions in the index when you are about to make a purchase.
What is the price of the product/service?
Is this a regular price or a sale price?
How much am I saving over the regular price if this is a sale price?
Do I need it?
Can I cough up the cash to buy it today?
If not, where will the money come from?
If credit, what will be the credit cost?
If the credit costs are factored in, is it worth it?
Does the purchase fill a need or want?
Can I justify this purchase to a friend?
Would I accept these reasons from someone else?
The above simple questions will help slow down your newer purchases. Try not to rack up any credit card debt along with the purchase. It does take little extra work, but it is very well worth it. Now with the money you save, work on your debt reduction plans. Take each debt at a time and work hard on reducing and eliminating it.
