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Tuesday, February 24, 2009

How Do I Get Rid of Debt?

By Elizabeth Pou

Many people are cutting back on spending and trying to prepare for any economic crisis. "How do I get rid of debt" is the question on the minds of anyone that has student loan debt, credit card debt or any other financial problems. Pay more than the minimum, sell things you are not using, and stop eating at restaurants are three tips that will help to relieve some of the pressures of dealing with student loan debt. People have to realize there is more than one option when dealing with a problem or paying down a debt.

Most people will pay only the minimum payment when paying on a student loan debt or credit card debt. Paying more than the minimum will really save you money over the life of the debt. Also, paying more than the minimum will help make the answer to the question "How do I get rid of debt" is more of a reality. For example, if you are paying $100.00 a month on student loan debt then double up on the payments and pay $200.00. This will cut down on the interest that you are paying to the creditor. Finding the extra money to pay more than the minimum is the problem for some people.

There are different ways to make extra money to put towards your debt. Selling items that you are not using can be extra money that can be used to help with paying student loan debt or any other debt. Some people have a lot of items lying around the house that's not being used. Think about it? You could be sitting on a goldmine. For example, if you have a coat or books not being used then you could sell these items for some extra money. It's really worth a shot of doing some spring cleaning and selling these items to deal with how do I get rid of debt.

At one point, I was spending a lot of money on eating at restaurants and realized that's money I could be saving. A good suggestion is to write down how many times you ate out in the month of January and how much it cost. Many people are surprised at how much money that's spent on eating dinner at a restaurant. If you stop eating out then the extra money can be used towards your student loan debt. The key is to find ways to cut back on any unnecessary spending.

"How do I get rid of debt" is a problem that many college graduates are dealing with after graduating from college. These are some of the tips of dealing with student loan debt and there are other options. Remember, there is more than one way to approach a problem and putting these tips to action will help with attacking the student loan debt.

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