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With the alarming debt records in the present age, it is time you evaluate your debts and plan ways to get rid of them. Millions of people have transformed their debt obligations into a learning experience, and have been successful to become debt free. It is important to be debt free since severe debts might lead to lawsuits, loss of property, and spoil your credit reports.

1. Study your credit report and evaluate your debt: The stepping stone to be debt free is to admit that you have debt, and are willing to be a free bird. Evaluate your credit report carefully and calculate the amount of debt you owe. The bill payment history in your report is a proof of how regular you had been during your past payments. Clear the accounts with the higher interest rates first. This will help you to save a lot of dollars. Without having a clear picture of your financial standing, it is very difficult to solve your problems.

2. Budget your expenses and avoid adding even a single dollar to your debt amount: It's time you stop being a spendthrift. Change your spending habits. Keep a careful trace on the amount you earn and your basic expenses. Try and curtail your expenses as much as possible. This is all about changing your ways in life. By all means do not let a single dollar to be added to your already over burdened debt condition. For example it will be wise to use a debit card instead of your credit card. In this case you can only use the card if you have money in your account.

3. Squeeze out extra money and accelerate your repayment: Curtail your present modes of lifestyle and shell out some extra dollars to your creditors in order to clear your debts faster. You can also try out a part time job and save some extra dollars. Take one account at a time. Clear your account with higher interest rates first. This will help you to save a lot of dollars.

4. Choose the right method to clear your debts: There are various options for debt solutions. But selecting the right option is what matters most. You must be aware that one wrong step can ruin your future. The choice of your debt solution method should ideally depend on the type and amount of debt you are undergoing. We equip you with a detailed discussion on the various options in our debt solution section. Further we advice you on what is the right and the most suitable option for you.

5. Choose the right firm: Debt consolidation firms are growing like pubs all over America. It is thus very important for you to choose the right firm to seek help from. Take the help of our Ranking Chart to choose the most reputed firm in your locality.

6. Eliminate credit cards: Close the account immediately once you have finished paying the debts for a particular credit card. Keeping the card with you can further cause temptation to use it. Never roll balances from one card to another as this has got some disadvantages. With every new card you have, you generate an outstanding open credit line. This will also be reflected on your credit report. Moreover, lenders might not allow you to roll your balances. Keep in mind that introductory offers are quite tempting but may not be all that good after a certain period of time. With careless moves you could be stuck with high balances.

7. Be careful about the equity in your home: The rates on home equity loans are much lower when compared to the rates charged on outstanding credit card balances. Further the interest on a home equity loan may be deductible. All these factors added up have tempted the Americans to withdraw billions of dollars on equity in their homes. However, keep in mind that the money is used to repay credit cards, which are again hiked up.

8. Take professional help: Overspending for some people are a psychological problem. It can be a habit or an addiction like alcohol, gambling or taking drugs. Social problems like divorce and loss of a job or unavoidable emergencies like physical ailment can also be a cause. In such cases you are required to take professional credit counseling.

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