In this article Debt Mediators lists the top 5 tips for reducing your debt. A few simple things can reduce the amount you need to pay back, and also decrease your need for loans and financing.
- Pay your smallest debts first
- Pay off credit card debts with savings. You will only recieve 8 per cent interest on savings which being charged on average 17 per cent on credit card debt
- Brown bag it! - buying lunch every day could be costing you up to $3650 a year, so make a sandwich
- Work out what it’s worth. The next time you buy something ask if it’s worth that many hours of your life at work
- Seek help, talk to a debt consultant or a financial adviser, read and educate yourself
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