If you want to get closer to the way out of debt, continue reading the rest of steps that come from “Pay It Down” by Jean Chatzky. Follow up!
Step 4- Track Your Spending: Jean Chatzky was different in her point of view. She was advising people to track every penny that comes in and goes out. She didn’t focus on how to limit your spending habits only, but to know where your money should go also.
The lesson is to “Learn how to live within your means now, or may under your means.”
Step 5- Find the Money: A good point towards your debt elimination process is to find the money that will be used to pay more than one loan at once. This money may get from applying for another job, investing, refinancing your car, or getting a better mortgage.
The lesson is to “Try to cut some of your expenses so as to save more money helping you to pay all your bills.”
Step 6- Consolidating Your Debts: Here it is, one of the methods we can use to eliminate our debt. In this step, she warns against getting a debt consolidation loan at a high interest rate.
The lesson is to “Search, compare, and then find which debt consolidation loan is suitable to your debt types.”
Step 7- Spending Less: You should make a list of your expenses, figure out where your money is going, and then you should evaluate your spending list very well and cut out what’s not necessary.
The lesson is to “Sell your unnecessary assets you have and make more money.”
Step 8- Pay it Down-Intelligently: It seems a hard step, but indeed it’s very simple and we must do it to get our debt free lives. Jean Chatzky recommends her readers to pay the highest interest rate debt first. Because of the difficulty of this step, she prefers to seek credit counseling or get a debt management program because they can get you a good deal with your creditors.
Remember, the only way to debt elimination is slowly and steadily
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