Saturday, April 9, 2011

Debt Diet eCourse: Debt Diet Week 5: Repayment in Action 4/9/11

From LaToya Irby, your Guide to Credit / Debt Management
Congratulations! You made it to the end of the course. It's not the end of your debt diet though.You have a lot of the hard work out of the way. You've worked on getting rid of your bad debt habits. You've decided how you're going to pay your debt (or at least started thinking about it). Now, it's time to put your plan into action. Make sure you adjust your monthly budget to account for your new debt payments. Use the debt tracker to measure your progress paying off your debt.
As you pay off your debt, refer back to this lesson for strategies on dealing with your debt.
This week's objective: Make a commitment to pay off your debt.
How to Snowball Your Debt 
A debt snowball is a method you would use to knock out smaller debts first. For example, you'd pay off a $200 credit card balance before tackling a $2,000 credit card balance, regardless of the interest rate.
5 Habits You Must Change Before You Get Out of Debt 
If you want to get out of debt, there are some bad habits you have to get rid of first, like justifying purchases you want by calling them "needs." Putting your financial decisions in perspective will help you get out of debt and stay out.

10 Ways to Avoid New Credit Card Debt 
Be careful about accruing new debt while you're trying to pay off your current debt. It will only slow down your debt repayment progress. Instead, go to a cash-only spending plan and save up for large purchases like electronics and new furniture.

5 Stupid Ways to Pay Your Debt 
As you're paying off your debt, you may be tempted to take some options that seem easier. But, these choices could hurt you in the long run.

More Articles on Reducing Debt 
As you continue paying off your debt, visit the Reducing Debt section to get help and tips on making your way out of debt.

Join the Debt Diet Support Group 
Visit the Debt Diet Support Group page on the Credit/Debt forum to share your debt experience and talk with others about the ups and downs of paying off their debt.

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