The Secret to Debt Reduction The secret to debt reduction is for the debtor to be truly committed, 100%, life-or-death committed, to getting out of debt. Have you ever been obsessed about achieving something? Take a moment to look back on your life and think of a time when you were obsessed. Get Excited About Debt Reduction Maybe it was while you were in college, and you were obsessed with getting good grades. You attended every class, and you took copious notes. You read ahead in the syllabus and focused on your assignments with feverish intensity. You started studying early in the semester so you weren't caught short at Finals or mid-terms. Your friends and family knew better than to expect you to slack off and hang out with them. Maybe it was a car you were excited about. You looked up pictures of it on the Internet and read reviews about it. You read the owners' club pages and rubbernecked every time you saw a car like it drive by while you were cruising around town in your boring old car. You sacrificed, saved, and put away all the money you needed to buy your dream car. And then came the proud day when you owned that car, and it was yours. Get Obsessed About Debt Reduction Debt reduction takes that kind of commitment, dedication, and, yes, obsession. You should be thinking 24/7 about how you can reduce your debt. As you step onto the bus or train to commute to work instead of driving, congratulate yourself on the money you are saving on gas and parking. At lunchtime, when your co-workers spend $5 to $10 or more on sandwiches, salads, and burritos, take your homemade sandwich or salad out of your brown lunch bag and congratulate yourself on reducing your debt by $50 per week – that is $2,600 per year of debt reduction! At night, after work, enjoy a movie – on DVD, that is. Save $10 to $20 by watching movies at home instead of going out. Eat dinner and dessert at home. Ask someone to teach you how to cook if you don’t already know how. Track Your Changes Keep a notebook or journal of your quest for debt reduction. Write down every cent you save, so you will know that your minor efforts have been worthwhile. At the end of every week, add up your savings and write a check for the amount you have saved. Use that money to achieve your goal of debt reduction by applying that sum to your highest interest credit card.
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