Steps to reduce debt

If you’re facing foreclosure in Georgia, reducing debt should be your first priority. No matter where you are in the process, swift action is crucial to potentially save your home and get your finances back on track. TheBalance.com explains how you can go about tackling debt starting today.

Start saving now

While it can be difficult for people struggling with debt, having an emergency savings fund in place can come in handy. For instance, if you run into an unexpected expense emergency savings will prevent you from dipping into your regular funds. Start with a goal of $1,000 and continue building your fund as allowed by your finances.

Stop adding debt

Additionally, you want to stop accruing new debt immediately. Refrain from taking on new loans or credit cards, which will only tack on interest rates (especially if you have a low credit score). Also, try to avoid any purchases that aren’t essential. For instance, consider packing a lunch to work instead of eating out. Even little purchases can add up over time and this money should be put into savings.

Work on credit debt

According to U.S. News & World Report, credit cards are a common facet of rising debt for any Americans. There are a number of steps you can take to increase payments made on credit card debt, such as creating a reasonable budget (and sticking to it). You can also streamline monthly bills related to your mobile phone plan or cable service. The creation of financial goals is another good option. A goal will provide motivation for you to change your spending habits, which is an essential component of handling debt. 

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