frugal tips and ideas for thrifty moms
work at home resource ~ mom business ideas
Direct Sales for Moms  ~  home organization tips

Back to Frugal Credit - Fun freebies for the WHOLE family!

> Basic Tips for Being Frugal 
> Frugal Meals for Thrifty Moms 
> Fix Credit Problems 
> Frugal Parenting
> Thrifty Pampering 
> Save Money on Taxes 
> Frugal Home

0305-icons-120600 - 120x600


How Can I Reduce My Debt?

One of the most asked questions about about frugal credit is "How can I reduce my debt". The article below gives you some great suggestions on how you can start reducing your debt with just a few dollars a week.

Pay Off Your Debt In Just A Few Years

Are you tired of watching your debt grow month after month? Do you realize how much you are paying in interest over the years to the companies you have credit cards with? We’ve all done it and sometimes it feels like there’s just no way out of the credit trap. I’ll share how you can start paying off your debt rather quickly by taking small steps and sticking with the plan.

You can start out with as little as $20 per week, but I suggest you do you best to come up with $200 a month extra to pay off your debt. You will see results much faster that way. In a couple of weeks we’ll talk more about simple ways to come up with a few hundred extra dollars per month, but for now start with whatever amount you can afford. The important thing is to get started.

Take out a sheet of paper and list all your current debt on there including

- Credit Cards
- Store Credits
- Furniture bought on buy now pay later
- Car Loans
- Student Loans
- Mortgage

Now jot down how much you owe on each and how much interest you pay. Your highest interest debt is probably going to be one of your credit cards. That’s where we will start.

You are already making at least minimum payments to pay each of these debts off. I want you to take that $200 and add it to your regular payment toward your highest interest credit card. Let’s say you’ve been paying $50 each month toward it so far. Now you are going to pay $250 each month – until it is paid off.

Here’s where it gets interesting…

Once your first card is paid off, take the entire $250 and add it to what you are already paying on your second card. Let’s say you’ve been paying $100 so far. You would now be paying $350. Once that card is paid off you take the $350 and apply it towards paying off your next debt. Let’s say your next debt is your $200 car payment.

How fast do you think you can pay your car off by adding an extra $350 a month? And then you will have an extra $550 a month that could go towards paying off your student loans or your mortgage.

Can you see how once you get the ball rolling the debt starts getting paid off rather quickly?
ABOUT THE AUTHOR: For more information about making a budget and taking control of your personal finances visit and join our free newsletter.


Recommended Frugal Reading

Living On A Dime is known as one of the very best resources of its kind to help you get out of debt without depriving yourself.

Use Your Food  *  Free Recipes

Do not duplicate any portion of this site without permission.
website owned by Nicole Dean -- Copyright 2004-2008. 

Mom Website Host Recommendation