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DIY debt reduction
By David Pilley on November 21, 2011

financial-calculator-(1).jpgDIY. It stands for “Do It Yourself.” Now, I’m a firm believer that people need people, that nobody can truly have an understanding of themselves and the world around them without someone else for comparison. Being “self-sufficient” is a fallacious term, especially when we need technology to complete most of our tasks. (Without the Internet, much fewer people would be reading this article!) It’s even less true when you realize how many people have shaped you and helped you get where you are today.

That being said, when it comes to personal issues, your best option is to do it yourself. Nobody knows you better than you, which is why you should be the first option to create an individual debt reduction plan. If you rely too much on other people or companies to solve your debt problem, you might just end up paying even more.

To take control of your debt problems, you need to cut back on spending. Creating a budget may help you find ways to save a little money here and there. By using a Microsoft Excel spreadsheet, you can keep track of how much you are making and how much you are spending. To fight your debt problems, you look at which expenses are unnecessary and cut them out of your life. It is fun to go out to restaurants and see movies with friends, but you’ll burn a hole in your pockets if you go out every night. You may even want to generate some extra revenue by selling some of your old stuff. You might love your guitar, but if you haven’t touched it in over a year, it’s not doing you any good by collecting dust.

If you have good credit, you might also consider getting lower rates. If you’ve been on time with all of your monthly payments, call your credit card company and ask if you can get a lower interest rate. It’s very tempting to try and lower it to zero percent. Unfortunately, this is just a teaser rate; it will go back up after six months, so don’t start living a lavish lifestyle during this temporary time.

It is certainly probable that you may need help from an organization that deals with personal finance. There is no shame in this option, but make sure you research your options, and do not automatically go with the first choice. Some companies offer software that can offer money management tools, like a debt calculator and creating a budget for reducing your debt. This can cost a pretty penny, whether one-time payment or monthly installments, so don’t fall too in love with this option. The ultimate aphorism in any personal situation is “Know Thyself.” Know what you have, know what you are gaining, and know what you are willing to pay to reduce your debt.
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