This is the second article in a two-week series on setting effective New Year’s goals for getting out of debt. You can share your debt resolution with others here. You can share your debt resolution with others here.
Previously, we talked about the reasons for putting debt reduction in your list of New Year’s resolutions, including better heath, relationships, confidence, and security. Perhaps most important, eliminating consumer debt can save the average borrower about $4,000 per year in interest costs.
How would you feel with an extra $4,000 per year? Would it change how you get along with your spouse? Would you feel less at risk financially? Would you have more self-confidence?
If the answer to any of these is yes, start today. We know that the process of paying off debt can be daunting, so we’ve laid out nine essential steps that we’ve identified through working to help others pay down debt. It’s not as hard as you think and we’ll walk you through the essential steps in upcoming posts. But in case you can’t wait to get started, here are the 9 essential steps:
- Stop using your cards
- Get organized
- Set family priorities
- Get SMART. Set SMART goals for debt reduction
- Make a plan
- Simplify for success
- Tell your goal to others
- Ask for support
- Track your progress
Through the remainder of the next two weeks, we will discuss these techniques for getting out of debt. Be sure to follow these posts as we show you how you can buck the odds this year and take steps to build a debt-free future.
We wish you all the best in the upcoming New Year.
Scott Crawford is CEO of DebtGoal.com, a do-it-yourself system for getting out of debt and lowering your interest costs. DebtGoal.com incorporates all of the techniques discussed in this post and can help users understand and get visibility to and manage their debt finances.
