Five steps to debt reduction

Over the next five days we are going to explain the five steps to debt reduction. The overview of the steps is detailed below.

1. Write down specifically what you are trying to achieve and by when.
2. Write down the obstacles you are likely to face.
3. Write down a suitable plan to overcome each obstacle.
4. Make a list of the benefits to you personally and to close friends and family.
5. Write down if achieving the goal is worthwhile

The five steps are quite simple and easy to follow. The text below details each step in more detail. Remember, it is these five steps that will help you stick to your goal of reducing your debt!!! Skimming over these and going straight to the ‘debt eliminator’ section may make reducing debt harder to achieve!!!

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The right type of Credit Card

There are so many credit cards on the market today. Low interest, interest free periods, benefit programs; just to name a few.

All this aside, the major component you need to know is what is the annual interest rate after any honeymoon periods, and can I afford the repayments at the maximum level.

Interest free can help, if you are able to pay everything off in a certain time period, however, often the interest free cards have a higher interest rate that other standards cards.

The most important factor is to get a card that you can afford.