Paying down Debt

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Given the ease with which shops and retailers offer credit to all who they deal with, it is easy to collect plenty of personal debt seemingly without trying too hard. If you are already working with debt in your life then you need to take action on reducing your debts.

Understand exactly how much money you owe. Draw up a comprehensive list of all the companies and people you owe money to. Be honest with yourself in doing this process. Open every envelope that is sent by the people you owe money to. Keep them all in one file and in a place where you can refer to it quickly. Stay in regular communication with your creditors (your Creditor is the person who has given you credit as opposed to a Debtor who is someone owing you money), and let them know what is happening - even when you have no money, and nothing is happening to reduce your debts and the amount that you owe.

Get clear on the numbers, and you can be clear on your options.

Dealing with the bills and the debts that you have is best done with a focus on the interest rates that are highest. Split your available funds for debt repayment such that you are making the greatest inroads on the ones that are costing you the most.

Keep a strict and accurate handle on the paperwork related to your debt situation and ensure that you stay away from other opportunities to waste money. Your priority is to deal with the existing debt and reduce it down to nothing, however long this task takes you.

Maintain regular payments to all your creditors even if the amount you pay each month seems tiny to begin with. As you pay down the high interest debts and eventually pay them off, take the amount that was your regular payment and throw that at the next highest interest rate until that is gone too. Over a period of time you will see the same benefits of compounding in your successful debt reduction as you are looking forward to in the accumulation of future savings. Remember that it is not just the regularity of the small payments, but also the fact that you are communicating with your creditors regularly.