According to
there are 4 rules to getting out of debt.
They're known as "the ABCD's of Getting Out of Debt," and they are:
- Pay Attention
- Be Disciplined
- Craft A Plan
- Do It
Pay Attention: In a nutshell, face your stuff (debts). Grin and bear it-write down your debts down! Focus on your spending so you don't go backwards into debt again.
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Be Discipline: Pay more than the minimum on your credit card, pay bills on time, and live within your means (with the budget you'll create).
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Craft A Plan: Face the facts. Put a budget together. Create a repayment plan.
Consolidate/move debts to lower interest rates, and STOP INCURRING NEW DEBT!
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Do It: Put your plan to work. Make your lists, charts, reports etc that'll tell you if you're on track. Set small goals such as weekly or monthly. If you can't implement your newly hatched plan for a couple of days, or weeks-it's ok. Start where you are, revise the plan and move forward.
Remember-NO PRESSURE.
-Next, we'll discuss budgeting.
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There are online companies, banks and financial institutions, specialised companies and debt help companies to pay your debts. These specialised institutions help in debt management. By using online companies you can shop for the best loan online. You can apply for the loan in the privacy of your home or office. Debt management companies offer education, consultancy and counseling for consolidation loans.
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