The holiday season has now passed, and most people have substituted their pre-holiday-shopping-excitement with a post-holiday-debt-depression. Before debt threatens your New Year's happiness, here are five techniques for cutting down consumer debt, and getting you moving towards better finances in 2012.
1. Refrain from racking up additional unsecured debt.
You do not have to dump your credit and charge cards, but you do need to give them a rest. Additionally, don't think of your card(s) as a resource in case of emergencies. Instead, arrange for unexpected emergency expenditures in a way that does not require reliance on credit (see item #5, below). Remember, giving up the credit cards will not be easy, but you must bring in more money than you spend each month, and halting all credit use is a great first step.
2. Examine your debt.
Consumer debt experts recommend that you take a look at your financial debt. For starters, you ought to take inventory of all debt, including student loans, mortgage(s), personal loans, credit card debt, payday loans, and so forth. read more
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