Debt advice made simple

These days, it seems that so many people are trying to peddle debt advice that it begins to sound like a complicated area that requires great business expertise to tackle. Now this may be true – but it very probably isn’t.

If you’re in too deep and you desperately need professional help – then make sure you seek it out from someone who is an expert and who is guaranteed to give you impartial advice. Otherwise, the debt equation is pretty simple; if you spend more than you earn, you’ll build up debt. If you do the opposite, you’ll create savings.

Ergo, there are two basic ways you reduce debt:

1. By increasing your income or,

2. By lowering your spending.

Of course – both these things are easier said than done, but sometimes it’s helpful to simplify things; it helps concentrate the mind and helps you focus on what you need to do next.

So to increase your income, you’re going to have to get a better paid job, or get A job – or get additional / part-time work of some kind. Alternatively, you could sell some of your assets, or you could ask for a pay rise – or come up with some business idea of your own.

Otherwise, it’s all a question of lessening your expenditure – which is easier for most people.

So firstly, do a real inventory of what you’re spending month by month and include absolutely everything; you may be surprised at just how much you’re spending on the little things in life.

Also – try to reduce your essentials if you possibly can including things like utility bills, any insurances you pay and grocery bills.

The small savings may deem paltry in relation to your income, but this is a war of attrition where small savings really help gradually tip the scale in your favor, and help you become debt free. It isn’t rocket-science after all.

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