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The Key to Debt Elimination

Written by Dian Herdiana on 8:30 AM

By Martin Lukac

There's no secret to it -- if you want to eliminate debt, you are going to have to change your spending. The only true way to handle your debt successfully is to budget wisely. If you are looking to reduce your debt, you need to learn how to manage your finances and pay your debt off quickly.

Start with realizing that everyone out there is pushing you to purchase more than you can afford. Society has led us to believe that you can spend now and pay later. But this comes at quite a cost.

Your information is out there for every credit card company to review. They know your income, where you live, what you purchase and how much debt you have. They find this information from buying your credit report, looking at public documents and from the warranty cards you return.

You are probably on a number of consumer lists. If you get phone calls and credit card offers by mail, you are a target. You need to avoid these temptations by immediately shredding any new credit card offers. Don't let telemarketers convince you that they can help with your problems.

Credit, buy now and pay later, personal loans -- they all seem to protect your budget right now. Have an emergency? Use your credit to protect your budget. See, they are even targeting your desire to budget and manage your finances wisely.

The only way you can truly fight your debt and all the temptation is to make a budget and plan wisely. Start by setting a few goals. You already know you want to get out of debt, but look at why? Are you looking to retire early, buy a home or simply have money left over at the end of the month? These are all wise goals to work towards.

Work on finding a budget that truly works for your financial situation. Budgets are not one-size-fits-all. They have to be adapted to work with your spending and unique situations. Give it a few months to really work. And remember, it is okay to modify your budget. The key is to stick with it, not to give up when you fail the first month.

Take it one step further and truly think about every purchase you make. It only takes a minute. Ask yourself if you need it, does it make sense or could you do without it. Realize what the purchase means to your goals. For example, spending $100 on your credit card could mean that you lose thousands in interest for your retirement.

Leave the credit cards at home and work to create a repayment plan. Yes, you will have to work hard at this, but it is well worth it in the long run. All of the money you have right now should be going to paying off your debt. Make it a goal to get out of debt as quickly as possible. Then you can sit back and enjoy not having to make those payments each month.

Martin Lukac, represents, an Internet consumer banking marketplace. is a destination site of personal finance, investing, taxes and mortgage rates. provides mortgage guides and financial rates and information. also operates a financial portal #1 American Financial, found at

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