7. Swabeng Strategy: How you kill your Debt?

If you're in Debt, I'm sure you'll find time to read this post.

But if you're in deep-deep (pun intended) Debt, I'm sure you'll read this right now.

No matter how deep in debt you're into, there are several ways on eliminating it the right way.

I haven't been in trouble with my current debt (via SSS Salary Loan) and I don't want to go through a knee-deep debt like probably most of us here.

Anyway, here are some of the tips that I can share with you on how you can eliminate your debt. Just take note that were not on the technical side yet. This is just more on the mental conditioning for you on how to get rid of it. Once you are mentally prepared and able, the technical side of dealing with it would be much easier for you. =)


1. Acknowledge that you are in debt and be ready to eliminate it ASAP.

There are times that you are still in denial with the fact that you have debt and you need to face them. Whether you have debt to your friend or relative, you should acknowledge. Be it Credit Card Debt or Cash Debt, you need to do something about this and you should always consider debt as a serious matter no matter what.


2. Know the root cause why you are stuck in debt and why it took you some time to take care of it.

I'll guess one factor why one is stuck in debt is because of living the luxurious lifestyle beyond one's means. When one cannot say no to friends, he will find a way to get money to be with friends. Personally, I've never encountered this as I know my limits early on. You may also want to list down your debt in order (from the most to the least) so you would be able to come up with a strategy.


3. Look for ways to reduce debt until you eliminate them.

There are a lot of free sources (online) on finding ways how to reduce debt. All you need is a reliable internet connection and the motivation to get rid of debt once and for all. You may also seek advice from someone you know who has been there and was able to eliminate it so you would be able to have an idea on how he/she dealt with it.


These would be my tips for now. I'm sure you'll be waiting for the specifics. Just stay tuned.