Rapid Debt-Reduction Strategies (Financial Freedom Series)

It seems common among people in debt or in loans to be disorganized. It seems the worse their debt situation becomes, the more disorganized they are. There is a deep sense of hopelessness that accompanies chronic debt problems. This hopelessness contributes to all kinds of disorder in their lives.

But once they get organized and experience just how good it feels, they will wonder why it took so long to get around it.
Below are two rapid debt reduction tips that can really help people with bad loans. From these tips they can receive vital information which will help them more effectively start their out-of-debt strategy. These will also provide personal satisfaction that they once again will be taking control of their finances.

1) Know exactly how much is owed
This step will help them better understand the extent of their debt problem. As they get organized, they will realize the amount they actually owe. This is usually a painful experience, but this will help them more clearly understand their present financial position.

When the list is made, make sure that nothing is left out. Every bill should be listed. Each one is important. Any debt that is omitted will make their position weaker and their debt’s position stronger. List each bill, its due date, the interest rate, and the amount of each payment. Make sure that the remaining balance is accurately listed. The number of payments left should be counted and listed for each item.

As this is done, make sure that they are reminded that what they are doing is not a temporary, stop-gap measure but something that will lead to a permanent solution. No matter how painful it is, they must continue until al their debts are listed.

2) Know what is owned
If they are like most people, they have probably accumulated many things over the years. These are their assets. Some of the things on this list will be very valuable to them and from among them they can find some things which will actually help them get out of debt. As this list is made, they must be thorough. Determine which items among this list is needed and what is not needed. The more exact they are, the more powerful the war against debt will be.