5 Debt Relief Tips That You Should Know During A Recession

Real Estate Agent with The Pitcher Group

With reports of a recession frequently in the news, more and more people are searching for ways to save money, protect themselves, and get out of debt.  According to Mishaun Taylor, here are 5 simple tips for debt relief during worrisome talks of an impending recession:

1.  Reduce Your Personal Debt.

Do something about your credit cards.  If you're a customer in good standing, call each of your creditors and ask what can be done to either reduce the amount of your monthly bills, or get them paid down faster.  If you have multiple credit cards, pay down the card with the highest interest while only paying the minimum on your other cards.  Conquer one card at a time until they're all paid off.  Pay student loans last.

If you have two credit cards with a ridiculous interest rate and were offered another card with zero percent introductory rate as well as no charge for balance transfers, consider the offer and pay the card off as soon as possible.

2.  Evaluate Your Spending.

Much like creating a budget, evaluating your spending is something you must do to protect yourself and relieve some of your debt.  Go through a mental calendar month by month and write down all of the unavoidable expenses and seriously evaluate if you are living within your means.  Could you survive your lifestyle without using plastic?

3.  Learn A New Skill.

Try something that can help you to become better at your job.  Become more efficient with the computer, learn a language.  Try anything that will help set you apart.  If for no other reason, having a hobby will help entertain you with minimal cost.

To read the entire list of tips please click here http://ht.ly/5FQOu . If there any tips that you would like to add please leave a comment below the post.


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Comments (2)

John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Brian - Excellent information on five dept relief tips should know during a recession. Thank you for the detailed quality blog.

Jul 15, 2011 05:19 PM
Brian Pitcher
The Pitcher Group - Salt Lake City, UT

John, thank you for your feedback, I truly appreciate it.

Jul 19, 2011 06:38 AM