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With proper advices and guidance, it will be much more easier to achieve what you are looking for. Certainly, advices, example and guidance from the expert will benefit you a lot in your ways to get out of debt.

I believe that you shall not be new to Dave Ramsey, hundreds of thousands have changed their life by listen to voice of financial freedom.

In today’s debt-ridden lifestyle, many people are get into bad debt as there are just to many “desire” around us. Listen to the expert on how to get out of debt, have you ever heard of debt snowball? There are tons of advices and method to get you out of debt and to achieve the real financial freedom.

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There isn’t anything in the middle, you will either get out of debt or get into debt. Of cause, we are here to look into ways to get out of debt.

There is a saying that the rich will get richer. It’s true, I 100% agreed with this.

If you have a five digits monthly income, what’s the 5-8% yearly inflation rate means to you? Another extra 500 expenses (caused by inflation) to you is really a small matter.

However, if you are just earning from hand to mouth, do say extra 100, extra 50 in monthly expenses it caused you to suffer a lot, you got to tighten again your belt (which is already TIGHT). When you do not have enough money to spend, people tend to get personal loans, of choose to pay with credit cards, and these are all ways that you easily get into dept.

With the recent economy slow down worldwide, I’ve heard about news that some multinational company are starts pay cuts as well as recession. If you have plan to buy a new car or switch job…it’s possible, think carefully on the consequences before any action being taken. It will increase your burden and commitment eventually; unless you’ve the amount of money to spare.

Still, back to square one, look for ways to increase your earning will be one of the ultimate ways to get out of debt.

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I was in Chennai, India last week; I’m shock to see in the local newspaper, stating that the inflation rate is at 13%. In Malaysia, our current inflation is reported at 7%, to the low and medium incomes families, they already feel the punch of the inflation of increasing food prices as well as fuel price. I just cannot imagine what will be the impacts with such a high inflation rate in India.

Even the global fuel price has been reduced and government is also reducing the fuel prices subsequently, it doesn’t have much impact to the increased food and household item. Take my 4 months old son for example; the formula milk powder has increased around 8-10% from its original price. This is just one of the items out of so many items which increased in price. It’s really a burden in my opinion.

If you didn’t control your expenses budget wisely, once you over spends, you are going to look into ways to get out of debt, which I think is a bit too late. Do it before it’s too late.

I do agree that some of the expenses are unavoidable. I’m sure that very less parents are going to reduce the milk intake of your lovely infants or children. Then what shall I do…to control my budget and also one of the good ways to get out of debt?

Prepare your own meal at home; especially dinner. You will notice that by this alone you are able to save the amount of money that you needed to cover the increased price of formula milk powder for example. Cook at home not only save your money, it also a healthier way of your diet. You can control your diet intake like sodium, sugar level, less deep fried food; at the end of the day, it lower you cholesterol level. How nice will that be?

If you used to buy a cup of “high quality” coffee on your way to the office daily, try to prepare your own coffee instead. Even 3-5 bucks a day will save you up to 150 bucks in a month.

All the money you saved will be able to help you to settle you debt quickly. Of cause, the fastest and yet most efficient ways to get out of debt is to explore for other side income.

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Get it start before it’s too late. Make up your mind, that’s fight for your credit card debt solutions. Stick to that point. Whenever you got extra money, from your saving or from the practice of debt solution tips, dump it to your credit card debt. Always clear the highest interest rate and higher debt.

You may ask; how can I organized all my outstanding balance based on the amount and the interest rate? You got to know your current credit status. Make a practice to consolidate all your debt into an excel spreadsheet or what so ever and review it on monthly basic.

You will definitely get motivated once you see your outstanding balance reduced month by month. Stick to what you have to do…that is.

Align your living style with your credit card debt solutions. Less eating out, prepared your own meals…it’s what it is, you got to face it. You got to do that…if you have make up your mind towards your debt financial solutions.

Enjoy your weekend, more debt solution tips to come!!!

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I’m sure that most people will get lost where you always overspending with your credit card. If you want to stay away from bad debt, you really got to reduce your credit card debt starting NOW!!!

Below are some of the debt solution tips to reduce your credit card debt:

• Cut/cancel all your credit cards. Left one for expenses during EMERGENCY ONLY. If you really got to use your credit card, make sure you have the money in hand for that purchases. Keep that money aside and settle your payment on your statement due date.
• Switch or balance transfer you outstanding credit card balance to other or same bank with the lower interest rate. Some bank may even offer you no interest for a certain period of time. Negotiate with the bank for a better interest rate before your transfer.
• Pay the outstanding balance with the highest interest rate charges. Namely, which you owe the most.
• If possible, ask for help from your family member, to pay off your credit card debt and you pay it back to them monthly with a lower interest rate compared to bank.
• Face the problem positively, make up your mind to overcome your bad debt situation.

More debt solution tips sharing to come…stay tune!!!

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Always spend less than what you earn!!! Control your monthly expenses budget. Think twice before you spend. Are you spending on what you need or spend on what you want?

Cut all your credit cards and left only one for emergency expenses.

Make you own food and avoid eating out. Make your own food not only save you money, I found that it will be more healthier as well.

Save at least 10% of your monthly income for emergency fund. When this amount accumulated in months or years…you will be amazed on the amount that you have saved through out the years. This result will definitely make you more motivated to save money.

Hope some of this quick tips on my debt solution sharing helps. Let’s work it out. It always start from step one!!!

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If you cannot manage your monthly expenses wisely,…it’s pretty simple, you managed by bad debt. This way, you will never find achieve your resolution for debt solution.

Remember, if your are in bad debt, you must cut down all the unnecessary expenses. Instead, use that money to pay off your debt.

What are the “unnecessary” expenses that your can cut off?

Pretty simple, let’s name some example that most of us get involved with.

Do your house has broadband Internet connection? If yes, then you got to make full use of it to save you some money.

You purchase newspaper or subscribe to your favorite magazine from the magazine local store? There are tones of resources that offer free news online and free magazine online as well. Make full use of them. It saves you some $$$.

You preferred to have chat with your friend in the CoffeeBean or StarBuck? Why don’t invite your friend to your house and brew some fresh coffee and enjoy them at home?

There are tones of things that we can save actually. Remember to manage your monthly expenses, hope my debt solution sharing will give your some ideas and innovation for your debt solution.

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I think they missed out one of the main thing in their journey of debt solution. That’s their attitude.

You will need to adjust your attitude in your journey towards debt solution. List out all your monthly expenses and always give priority to things that you NEEDED, like rental or mortgage, food, utilities payments, transport and your insurance payments. These are all considered as BASIC living expenses.

Make a clear line about what you WANT and what you NEED. Only spend of what you WANT if your have excess of budget on what you NEED.

Let’s adjust you attitude towards your debt solution.

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Competition among local and foreign banks created an easy access to credit. If you do not plan your expenses wisely, you will be get caught in “bad debt” with your credit cards.

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Numbers of credit cards holder who pay the minimum 5% of their total outstanding balance has increased significantly recent years. Your attitude of spend based on that you want and not based on what you need, reduce your capability to settle your outstanding bill by end of the months. What you do is just make the minimum payment…if you want a debt solution that works, you got to avoid this. Never, never make minimum payments.

More and more innovative ways have been launched by banks to attract credit cards holders. They will give you all kind of gift to attract you to sign up. Requirement for Gold Card have made to minimum. To me, Gold Cards is no longer a credit card that reflect your social status or your wealth.

You got to discipline and be responsible for your expenditures. Purchase based on your capability and settle the payment by end of the month. Do not make minimum payment. It will only snowball your bad debt!!!

Rule of thumb for Debt Solution: Do not make minimum payment for your outstanding credit card balance.

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1. Be remember to change your spending attitude.

It’s weekend and CNY is around the corner. Tones of sales are going on to attract customer. Be firm on your stand point, but what you ‘need’ and not what you ‘want’. You don’t have to keep excessive stocks in your house during the festival season. Optimum is always the good practice.

2. Use cash instead of credit cards.

Whenever you do you purchase, use cash instead of credit cards. One of the reasons that you are in debt is that you are not ‘good enough’ to maintain your wealth. So, use cash to replace credit card. Prevent spending in advance where you can know your exact case level. Cut down your expenses when your cash level is low!!!.

3. Keep remind yourself to make a comparison before any purchase.

Try to look for several local stores for pricing comparison. Possible what you will be be getting a more affordable one. This is one of the basic rights for consumer and we shall always practice this.

4. Think several time before your purchase.

Most of the time we will make a purchase ‘too quickly’ before our mind tell us that whether we need it. So, if you really want the item, try too cool down your mind by delaying your purchase. Let your mind have some times to differentiate whether you ‘need’ it. Sometimes you will feel that, ‘actually I do not need that’, on the next day!

5. Face the actual problem

If your are in debt situation, let’s face it now and do not let the snowball effects happen. If we didn’t help ourselves, no body will help us. We need to help ourselves!

Enjoy the weekend and remember to visit Debt Solution Sharing for more tips.

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