5 New Year’s Resolutions for Getting out of Debt

It takes a realistic plan to get out of debt. Why not make it your New Year’s resolution for 2016?

Here are some realistic resolutions you can work on with your debt settlement attorney:

  1. Study Your Debt Thoroughly Many people hate looking at the numbers reflecting the debt they've created. But paying attention to the numbers is the first step in fixing your financial situation. By studying your debts, you will be able to plan your way out of debt.

  2. Getting out of Debt
  3. Create a Repayment Plan Figure out what you are able to pay each month so that you can structure a predictable repayment plan. Stick with the plan and you will have a clearer idea of when you will pay it off. Having a plan will help reduce the stress you may have about your debt.

  4. Set Milestones You can stay motivated by setting debt milestones that reflect your progress. Reaching a balance of under $1000 is an example.

  5. Prioritize Your Debts The best way to deal with debt of several different entities is to prioritize them by the balance due, interest rate, or whatever criteria you want. Paying down a high interest loan first can help get the most troublesome debt out of the way. Ask your debt settlement attorney for advice about how to prioritize your debts.

  6. Stop Throwing Money Away Learn to quit making impulsive purchases that you did not plan on buying before entering a store. You also need to watch your spending on disposable entertainment. Consider cutting down on cable television or weekend night life. Other cutbacks to think about are video rentals, driving and sweets.


Keating and Lyden

Keating & Lyden LLC was founded by attorneys-at-law, Robert J. Keating, and Thomas P. Lyden and is based in Boulder, Colorado, and Bellingham, Washington. The attorneys specialize in providing legal advice in real estate matters to businesses and individuals pertaining to real estate management and operation including: tenancy in common agreements, partition agreements, real estate financing, homeowner’s associations and land use issues. They also provide the highest quality legal services to small business owners and entrepreneurs.

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