7.00 Wake Up To The Problem

Admit you have a problem and stop spending more money than you earn, there is no chance of getting out of debt in this situation. Just think this way: if you can’t pay for it today - you can’t afford it.

9.00 Bad Debt, Good Debt

Wrong. There’s no such thing as good debt. However the idea of a consolidation loan is appealing. First of all because of it’s convenience. Instead of paying 20 different creditors who are charging different rates at different times of the month, you take out one big loan and pay off all those accounts. Then you make a single payment on that loan once a month. Great! But it doesn’t exactly translate into savings immediately. Before you sign on the dotted line, be sure that the costs of the new, bundled loan will truly be less than what you’re already paying various creditors. For many consolidation-loan candidates, their current credit woes mean they won’t get the lowest-available interest rate. Plus, when there is nothing to secure the loan (such as your home), expect the lender to bump up the rate.

12.00 What Credit Card is really Your Friend?

How many credit cards you have? Two? Five? It doesn’t really matter, pick the one or two with the lowest annual interest rate. Make a resolution to use these cards only in case of emergency. Never charge more than your credit limit. In fact, you should stay well below your credit limit to protect your credit score. The best practice is to keep your credit card balance below 30% of your limit. As for all the other plastic pals in your wallet, remove temptation by taking them out of your wallet. Throw them behind a major appliance, freeze them in a bowl of water, or, if you are brave enough get some scissors and… yes, cut them. Do whatever it takes not to use them.

15.00 Grab The Calculator

This is the most important part of your day. Get all your bills lined up on the kitchen table. Grab the calculator and add up the minimum payment of each account to get an overall figure. Pledge to pay this amount plus a hefty additional chunk every month. If you think you can’t afford to do this you should consider speaking to a debt help expert and ask if you can qualify for a write off of your bills.

18.00 Secured First

Secured debt means that your own stuff, such as your house or your car are used as security for the loan/credit. Make sure you don’t miss any of these payments.

21.00 Go Online

There is plenty of people like you out there, use one of many debt discussion forum to share and learn with others. You will also find support and great ideas.

23.00 Sleep Over It

Are you one of those that loose sleep with the idea of having outstanding payments, balances due? If you are following this one day plan to exorcise bad debt you should at least recover your good sleep, well, if you are not too exited with the idea of being debt free.

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