Personal Debt Reduction Practices

Careful financial steps are becoming more and more necessary, as so many folks try to keep up with their neighbors or friends by buying and buying and buying. A personal debt reduction practice can become a necessity if an individual finds that they have been living beyond their means or spending more money than they make and charging the basic necessities like groceries or gas. Financial improvement steps can be as little as paying cash instead of charging when going out to eat or buying a gift or going on vacation. Personal debt reduction practices can begin with a simple reevaluation of how money is spent on a daily basis.

Steps to reducing debts can even be applied to buying a house or buying a car, both big expenses that sometimes can draw us into debt. When buying a home, one personal debt reduction practice is to only buy the home one can afford, not necessarily one that will strap the buyer into a financial place that they can't maintain. Personal debt reduction practices can begin with throwing away credit offers rather than accepting them, only keeping one credit card instead of several, and thinking carefully before taking out any loan. Another tip is to stop all compulsive or impulsive spending.

Personal debt reduction practices involve listing bills and income and comparing the two. Self-reflection can help people prioritize and learn to spend only on what is most important. Getting rid of high interest debt should be a personal debt reduction practice for everyone. Consumers must write down a plan of action and stick to it. Matthew 7:14 says, "Because strait is the gate, and narrow is the way, which leadeth unto life." But conversely, Matthew 7:13 says, "Wide is the gate and broad is the way that leads to destruction." If people want a good life, they need to stay on the straight and narrow with spending and saving. A good end will be the result.

Source: http://www.christianet.com/debtreduction/personalreductionpractices.htm

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