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I just wanted to share some debt reduction methods. Most of these are common sense, however, common sense doesn’t seem to be all that common. The hardest thing do when trying to reach a goal is starting. So here are a few rules that will guide you along the way.

Get Out of Debt Faster List:

1. Stop using you credit cards.
This is the first step to get out of debt faster. Just remove your cards from your wallet or purses. Without this temptation in your possession the likelihood to go further into debt will be reduced.

2. Ask for a lower rate.
If you have not yet call your credit card companies to ask for an interest rate reduction this is the time to do so. Just call customer service and ask for your rate be reduced. The worst thing that can happen is that they tell you no. Just remember any rate reduction is still a victory.

3. Consider a balance transfer.
Check your credit card statements or call customer service to find out if there is a promotion going on to do balance transfers. Balance transfers can get the bulk of your debt to a credit card with a lower interest rate than your other card. Just make sure you read the fine print to see how long the promotion lasts. Once the promotion is over then do another balance transfer.

4. Make automatic payments.
To make sure that all your debt is paid in a timely manner. Setting up automatic payments from your online banking institution will put you on track to getting out of debt even faster. You can set up a recurring payment monthly or bimonthly. Since interest is compounded paying on your card when you get paid will also reduce the amount of finance charges that are accrued.

5. Spend smarter.
There are a few ways to cut your spending. Instead of eating out at lunchtime everyday, try to brown bag your lunch at least 3 times a week. This can save you at least $30 per week. The extra money that you save can be put towards reducing your credit card debt.

Those are just a few steps that I have used in the past and will continue to use to eliminate my debt. Try it for yourself and see how that works out for you.