Best Ways to Pay Off Debt That Are Easy on Your Wallet

Excessive debt can be intimidating, especially when attempting to find a way out. When making only monthly minimum payments, it can seem like the debt will take forever to pay off. So for many, the best solution becomes just not thinking about it.

This is not the best course of action.

Although there are no quick fixes, there are options. Some of the best ways to pay down debt are painless. Here are a few ideas that include the best ways to pay off debt.

Renegotiate Interest Rates

An easy action to reduce your debt is to renegotiate the interest rates on your credit cards. Call the customer service representative number on the back of your credit card. Explain that you are dissatisfied with your current interest rate and would like to know if there is a way to get it lowered. If the customer representative won’t help, ask for a supervisor.

Here are some other methods for the best ways to reduce debt:

The Snowball Approach

Massive snowballs start with a handful of snow; so does your debt reduction plan. Begin by working on paying off your smallest debt first, then continue until you have paid off your largest debt. The first step is to write a list of your debts and the amounts you owe, from least amount to largest amount:

$455 store charge card ($45 payment)

$2,000 medical bill ($60 payment)

$5,250 credit card ($140 payment)

$12,000 student loan ($226 payment)

Start by making minimum payments on all your debts, except the one with the lowest amount -store charge card. Every month for this card make as large a payment as you possibly can. When that card is finally paid off, use the same steps and pay as much as you can toward the next lowest debt – the medical bill. Redo these steps until you are able pay off your largest debt – the student loan.

Biweekly Mortgage Payments

The next step is one of the best ways to reduce debt for larger issues. A good technique to produce big savings and more financial well-being is by making biweekly mortgage payments.

In this scenario you pay half your regular mortgage payment every other week instead of the entire payment once a month. With this technique you’ll be paying 13 yearly payments rather than 12.

Your mortgage payment will increase by 1/12th, but the additional amount goes toward your principal. You never pay interest on any part of the mortgage you pay off early. The amount you save can quickly add up.

With a 30-year mortgage for $272,000 at 4.25% APR, this option alone can save you more than $34,000 over the span of your mortgage. You could be paying off your mortgage five years early! The biweekly payment plan also works for other loan types.

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Debt Free Living Is Abundant Living

Abundant living is the overflow of resources to live without debt, and having enough to give to anyone who asks, to build your savings now and to invest in the future. Lack or not having enough or needing more, are not Kingdom values. No one has to live in lack the scriptures speak against lack. The Lord is my shepherd I shall not lack or want for anything, you also will have an abundant life and it will be, full and prosperous, and free from debt.

Abundant living is not about how much money is in your bank account or how much wealth you can show off. It’s about moving from a mindset that is prevalent in our culture, our community, and our society. We esteem lack, we don’t call it lack and we will never admit it openly, but every time we spend and we use our credit card our lack is seen, and the more credit cards we have the more lack there is in our lives. When we spend energy, our time, or our talent on purchasing stuff, we live in a place of lack. We are customers, consumers who live for the latest trainers or the biggest HD TV, the flashiest car. We live our lives as consumers. Consumers have no power, and they leave no legacy for the next generation.

Its time to flip the switch, to reevaluate your thinking, your beliefs, your actions, it is time to change, it is time to be transformed, by the renewing of your minds, to see yourselves differently as creators of wealth, a people of power, and abundance. To view yourselves as producers and landowners. To see yourselves as the head and not the tail. We sing it and we quote it enough but unless there is a change in your mindset there will never be a change in your outer circumstances.

A life of abundance, the ability to have more than enough, the ability to give over and above, whether that’s financially, emotionally or materially. To be in that position of owing no man or woman anything but a debt of love, is the objective we aim for by breaking free from the mindset of lack, and not having enough. To live joyously, and wisely in a life of over flowing with more than enough, in abundance.

Your propensity and leaning, your mentality of not having enough, your constant fear of losing what you have got has to change. Only then will you be able to view any appeal or request for your time, finance or resources, not as a threat, thinking that if I give you something then I won’t have enough for myself, but rather as an opportunity to give so that you can receive for yourself more than you can possibly need. This lack that I am talking about is generally known as Credit Card debt, you must get free from anything that facilitates the growth of debt in your life, namely, your Credit Card.

You have been taught from an early age, that banks and other financial institutions are honourable, and trustworthy pillars of our society, so when the Bank offers you your first credit card, you are filled with a certain pride that you have been considered credit worthy, but this pride, fills you with a false sense of security, because you think, if the Bank wants to lend me money, I must be doing alright. You need to stop thinking this way, but it is very difficult to break a life time of habit. The Bank over the years nurtures us, and begins to tell us what we need, that we can have that need met now, it encourages and fosters, a sense of lack and want within our lives, which is the exact opposite of abundant life, living out of a surplus of resources. Buy now pay later, the Bank says, use this credit card and pay no interest if you clear the debt in the same month. In this way you are drawn into a world where you are sold the idea of the “minimum payment”as the way to enable you to have whatever your heart desires and to fulfill all your dreams now. You put your trust and faith in your Bank and its representatives, who reward you by increasing your credit limit, and extending your loan and overdraft facilities to help you out of any short term difficulties or unexpected financial needs you may have overlooked. In this way the bank facilitates and promotes debt within your life.

Misplaced trust causes you to continue in this way, unable to help your self or any of those you love, friends or family. Misplaced trust keeps you wanting and in need in debt, never satisfying the real need that you have which is for contentment, being satisfied with what you have.

You can be satisfied by the Creator of Heaven and Earth, the One who placed every star in its place and whose Word holds every planet in its orbit trust that He is able to supply all your needs according to his riches in Christ Jesus. Trust that if you invest in anything to do with His Kingdom, that He is more than able and willing to look after what is yours. Then abundant life begins to transform your reality from lack to satisfaction, from debt to being free from debt.

Ways You Can Increase Your Savings and Avoid Getting Into Debts

INCREASE YOUR SOURCES OF INCOME: This scheme is as old as the time of the development of commercial. Making more money is not easy, but when you widen your business outlets, there is bound to be a rise in incomes. There is no compulsion in any particular type of business you engage.

However, you must seek some understanding of the endeavor before dabbling in. Liken the scenario to the difference in the volume of water received when a single tap is opened to that when about four or five are opened simultaneously. More incomes translate to higher spending capability and less or no indebtedness. Surplus incomes enhance savings.

REDUCE WASTEFULNESS: There is no other habit as bad as wastefulness. Over spending and extravagance are other habits tantamount to it. Experts say that debt occurs, often, as a result of being wasteful. You should use just enough and desist from being extravagant. Save the rest for future usage. There is wisdom in that.

To reduce or avoid debts, do not over spend. Do not go to buy what you do not need, at least, for the immediate and the foreseeable future. Put the excess money into saving.

SET PERSONAL FINANCIAL GOALS AND MAKE BUDGETS: Who ever fails to plan; plans to fail. Set realistic financial goals and spending plans. Learn to make budgets in line with your income and make all possible effort to abide by it. Being within a specific budget regime helps you prevent unnecessary spending.

Goals are meant to be achieved, although, some could be hard, but at the least you will know that you have given it a trial. It helps you become more focused and determined. Budgets mean you will do just what is necessary. When there are excesses, you can save and forestall running into debt.

KEEP TAB WITH YOUR PROGRESS: There should be a feedback mechanism in your planning and budgeting scheme. Do checks and balancing regularly and periodically. It affords the opportunity to evaluate your progress. Practice, as it is usually said, makes perfection.

If you are faithfully interested in riding yourself of debts and improving your positive balance sheet, you must monitor the adherence to your budgets and the focus on your goals. Take decisions that will make adherence easier and realizable.

BE REALISTIC; KNOW THAT THERE COULD BE CHALLENGES: Life is not a bed of roses. Wishes are, certainly, not horses. That is the reason why beggars are possibly unable to ride. There are obstacles and challenges that could stand in your way against adhering to your scheme.

The main reason is that other unavoidable responsibilities can spring up. There are ups and downs littering the paths of life. That is the more reason for making realistic budgets that can take care of all possible exigencies. You should anticipate and be ready for life’s ups and downs. There may be some emergency funds set aside to take care of these.

GET KNOWLEDGE; BE KNOWLEDGEABLE: Make effort to acquire knowledge in whatever necessarily available means. Modern economic situations demand learning in constancy. Read books, listen to lectures and talks, and ask questions about issues and topics that bother you.

Acquiring wealth and sustaining it need financial knowledge and understanding. Although it is not yet a serious in this part of the world, yet it is a good way to managing your finances; get a financial adviser. You could get rightful directions on what to do with your finances, boosting your savings and avoiding debts.