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Get Out of Debt

• Stop the Spending
  It seems like a pretty obvious answer to the question, if you bring in money and stop spending it, you should be able to cut down on your debt. Obviously, it isn't possible to spend no money. You have bills, and you still need to buy food and clothes and everything else. But if you discover some of your unnecessary purchases and learn how to cut them from your spending, you will be much better off.
  
  A great way to stop using your credit cards is to stop spending money that you don't have. Credit is great for people who use it properly. You can use someone else's money, often interest-free for an entire month, to delay the repayment. But some use it as a replacement for their checking accounts. If you can't afford to pay back the balance on a card in full every month, then it is not worth it to use it, discontinue using them if necessary.
• Keep Track of Everything
  It may be difficult and undesirable to keep track of every dime that you spend. But it is the only way you will be able to keep your priorities straight and cut down your debt. There are apps that you can download for a smartphone. In credit card and bank accounts, there are online interfaces that link your spending and analyze everything on which you spend money by placing each item into a category.
  
  You can always use a pen and paper to write down all of your expenses. Write down how much money you owe and how much you are paying back. Making an Excel spreadsheet as a backup is another great method of maintaining a spending record.
• Live on a Budget
  Even if you aren't in debt, creating a budget for yourself is the right thing to do. Allocate specific amounts of money for different categories, giving yourself a tiny bit of wiggle room to treat yourself once in a while. Open a separate bank account and save a small portion of every paycheck. This money is that which you have budgeted to pay down your balance. You will be taking a step in the right direction.
  
  If you feel too much pressure to partition your funds by yourself, ask for help. Sit down with a friend or family member and have them ask you questions about how much you think you need to spend on things like gas, food, and entertainment every month. Write out exactly how much money you have to spend on each category and track your spending against that budget.
• Figure Out a Payment Plan
  Learn what the stipulations of your loans are and determine how you can pay down your debt within a specific period. Sometimes if you give the institution a call and explain your situation, they can readjust your time limit or payment amount.
  
  When you reach the point where you are ready to start paying off your debts, take into account the interest rates and payment periods. Use that information to prioritize which loans to pay off first.
• Stay Positive
  The best thing that you can do through all this is to keep a positive and optimistic attitude. Being negative and freaking out about the situation will only inhibit the progress and success of paying off your loans and starting your new life, debt-free.