Times are difficult, perhaps even more so than in the recent past. The worldwide economy still hasn’t fully recovered from the global crisis that hit a few years back. Its repercussions are still being felt today by pretty much everyone, and it can be said that there aren’t really any exceptions to it. From the biggest businesses to the most ordinary consumer who earns a minimum wage, the effect is still quite evident. People are experiencing worse financial trouble than usual, and that is definitely a sure sign of the times we are in. They are forced into economic situations that are not considered to be ideal. This is true when people are constantly borrowing money, getting themselves into debt, and are spending more than what they are actually earning.
Being in debt is certainly not ideal for anyone. You would want to be out of it as soon as possible and get going with your finances and try to improve it. Reducing debt, or totally eliminating it, is not that easy though. It takes a lot of planning, careful planning, in order to do it properly. So if you want
extreme debt reduction, you have to take some pretty extreme steps as well. You could the following:
Eliminate unnecessary spending – This could practically be considered a no-brainer, since this is one of the first things that has to be done top eliminate any and all debt. If you are planning on buying yourself or your wife a new car, better it is to just scrap that plan immediately.
Get another job – This is a very good option for you to increase your revenue and therefore have the means to pay off any existing debt, and also avoid getting into any more debts in the future.
These are just two of the many ways to extremely reduce debt, and should I add that both are also safe ways of doing so. You do not need to take additional risks by getting into questionable schemes like the John Cummuta scam in order to get away from debt.
- 3 Ways in which you can accelerate debt reduction (2011taxes.org)
- What are the available alternatives in debt settlement? (debt-consolidation-2u.com)