Christian Debt Recovery

Free Debt Calculator

August 25th, 2009 |

Author: Gavin

free debt calculator

4 Tips for Debt Elimination – A Guide To Free Debt Elimination

Free debt elimination advice is available from all types of sources, both on the Internet and offline. But, finding good advice that will help you in your specific circumstance is not always easy. Thousands of businesses and people will try and sell you their debt solution for a price. However, most free debt elimination sources give contradictory advice on how reduce debt. But the bottom line is that people the people who really give you advice on how to reduce debt will not try to sell you anything. But, regardless of the approach you choose to reduce debt there are some basic rules that you need to follow to make sure you get the debt solution that is right for your situation.

Free debt elimination tip #1

Add up your debt! Before you take any steps with a debt elimination program, find out how much debt you need to get rid of. Check the total balances on your credit cards, store credit cards, all unsecured debt. However, do not include your mortgage because that will actually work against your efforts to reduce debt.

Free debt elimination tip #2

APR: Check the Annual Percentage Rate that you are currently paying on to of your various debts. This will give help you calculate the amount of interest that gets added onto your smaller debts. Add the APRs together and divide by the number of different credit cards and all other cards you are carrying debt on, then you will come up with the average APR that you are being charged. Most people’s APR can come out to 15% or more. So, don’t de surprised if yours comes out somewhere in this range.

Free debt elimination tip #3

Calculate how much money you make per month vs. how money you spend every month. This should include all the money that comes in monthly from you job and any other way you make money. In another column calculate what you spend each month. Also remember to factor in new charges you’ll put on your credit cards.

Free debt elimination tip #4

Evaluate expenses: Consider carefully each of your expenses and ask yourself if there is a way you can reduce the cost of this expense before looking for an outside debt solution. For instance, look for a cheaper gas station, consider buying generic products instead of name brands, etc.

About the Author

Ryan Reid runs the site Free Credit Debt Relief to help those who struggle with debt. If you are currently struggling under a large debt load and are struggling to keep up, take a look at Ryan’s tactics for debt elimination. On his site you’ll find information on the top three ways you can reduce debt today!

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