7 Easy Steps to Reduce Debt Hispanics Should Use

I want to talk about how my friends always want to talk about their debt and how they wished they didn’t have it and when I tell them that I don’t have any they get all celosos.  Now below I have put a list of things that I suggest you need to do to get out of debt. I worked for me. First off, you have to keep in mind that is not going happen overnight. But, you need to start now because it takes will, it takes effort, and you have to want to get rid of debt. I know, I know, but the payoff is huge, is Grande.

1. Don’t buy any crap you don’t need.  Como on, there’s things that you want, but you don’t need them. I don’t have to tell you which ones you need and which ones you want. You know the difference.

2. Stop using your credit cards. This is a big one. If you don’t stop charging them and you only make the minimum payment you’re going to be in debt for life. So cut them up, calcel them or bury them, whatever works but don’t use them, please!

3. Negotiate your Credit Card Rate.  Call up your credit card company and ask them politely if they can lower your rate. Negotiate  so, tell them “this rate is a problem for me, what can you do to help me?” If they say, No or we can’t, don’t get mad or anything. Ask the question again, “this rate is a problem for me, what can you do to help me?” still a no. Then tell them to note in your file that you will be transferring the money out and canceling the account for sure soon. Look for some transferring deals.

4. Compare deals on cable, internet, and cell phone plans. If I suggested canceling any of this you might think I’m loco. But it’s up to you to figure out if you need cable and data plan on your cell phone. Canceling these is money in your pocket, or should I say money to pay off debt.

Check it out. This works, call up your cable provider and tell them that you’re thinking on cancelling you account because you can’t afford it. They’ll most likely give a promotional 6 mo. Deal or something. I did it and it worked.

5. Set up a budget.  After the above steps, you need to set up a budget to figure out how to distribute the money. Some Latinos friends of mine said to me that they budget in their head. And I said, you’re crazy, now you’re talking like your old school dad. Set up a budget for living expenses to just get buy and then pay your debt.

6. Make as many payments to debt as you can.  So after your bills and living budget you have to attack your credit cards or other loans heavily. Pay online, most companies let you do that. So if you pay this months’ bill on a credit card and you have more money left, sent one more payment. 2 or 3 little payments after our minimum make a difference.  My Latino mom still thinks that you have to mail a check 10 days before the due date.

7. Stick to the plan and give yourself an allowance.  It takes time to getting used to some routine so, stick to the plan and work hard at getting rid of debt. The allowance is so that you don’t get depressed or something.

I hope some of you agree with these steps to reduce debt. If you have any other ideas that have worked for you in reducing debt, tell us.