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Debt Reduction and The Secret of How to Get There

May 11, 2008
The secret to debt reduction is for the debtor to be truly committed, 100%, life-or-death committed, to getting out of debt. Have you ever been obsessed about achieving something? Take a moment to look back on your life and think of a time when you were obsessed.

Getting Excited About Debt Reduction

Maybe it has been a while since you were in college, and you were obsessed about getting decent grades. You attended every class and seminar, and you took lots of notes. You read ahead in your assigned studies and focused clearly on your assignments with great intensity. You studied early in the semester so you weren't caught short at mid-terms or finals. Your friends and family knew better than to expect you hang out with them or to slack off.

Perhaps it was that new car you were very excited about. You looked at pictures of it in Road and Track or other car magazines or looked it up on the Internet and read reviews and specs about it. You read the owners' manual and craned your neck each time you saw a car just like it go by while you were riding around town in your boring older car. You saved and sacrificed, and you put away all the money you could need to buy that dream car. Then came the memorable day when you purchased the car, and it was yours, all yours.

Get Obsessed About Debt Reduction

Debt reduction takes that kind of commitment, dedication, and, yes, obsession. You should be thinking 24/7 about how you can reduce your debt. As you step onto the bus or train to commute to work instead of driving, congratulate yourself on the money you are saving on gas and parking.

At lunch, when your co-workers spend $7 to $10 or more on sandwiches, salads, and hamburgers remove your sandwich or salad you brought from home out of your lunch bag and pat yourself on the back for reducing your debt by $50 or more per week, over $2,600 per year to be used for debt reduction!

After getting home from work, enjoy a movie....on DVD. Save up to $20 or more by watching a movie at home rather than going out to see one. Have dinner, and indulge in dessert if you wish, at home. Is there someone who can teach you how to cook if you don't already know how? It is definitely worth asking!

Track Your Changes

Keep a notebook or journal of your quest for debt reduction. Write down every cent you save, so you will know that your minor efforts have been worthwhile. At the end of every week, add up your savings and write a check for the amount you have saved. Use that money to achieve your goal of debt reduction by applying that sum to your highest interest credit card.
About the Author
Author L. B. James has written several articles about reducing debt. See more of his writings here about Debt Reduction . You can also read other articles by him at the blog Desert Blogger.
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