5 Simple Debt Reduction Method to Financial Freedom

“It doesn’t matter now.”

I have been telling my friends this recently whenever someone finds out that I am in debt trouble. It just doesn’t matter how we got into our debt trouble. Stop harping on what we spent on, how much we spent and why we bought those junks that we thought they were “must-haves” items at that time.

“It just doesn’t matter now.”

The most important lesson we have learned from getting into debt is to get out of debt trouble as soon as possible.

Have we taken actions ? Yes, we have and we are. Here is our Simple Debt Reduction Method at the moment before we apply more advanced techniques for debt repayment:

1. Cut Off Credit Cards to Avoid Extra Charges. I still keep 3 credit cards. Originally, I owned 7 credit cards ! (I once boasted to my hubby that I wanted to own 10 credit cards ! Silly enough !) I am waiting to snip another credit card. My hubby has cut off 3 out 6 credit cards.

2. Write to Banks Asking for Lower Interest Rate. Now, our interest rate is between 9% to 12% per annum. 18% per annum is really a burden.

3. Spend Less. Many people have the impression that Women are the Big Spenders ! Wrong, you guys. My hubby is the big spender here. Again, you get him wrong. He doesn’t smoke, drink or flirt. He is just a watchmaniac ! He likes admiring, buying and keeping watches.

4. Make All of the Minimum Payments early or on time.

5. Use Cash if possible.

They are simple steps to implement. Just do it !