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Debt relief starts with extra work and a budget

Financial stability is of the utmost importance in America. It's extremely easy to overspend and to stretch yourself too thin. If that happens, you'll struggle to pay bills and end up worrying about how you're going to make ends meet.

Debt relief can help you get back to a place where you're financially stable. There are some things you can do to help yourself while waiting for bankruptcy or consolidations to take care of your debts.

For example, getting another job, even for a few hours a week, can help you make a substantial dent in your debts. Even if you make only $50 extra a week, it adds up to $200 a month that you can put toward your debt or into savings to avoid using credit cards.

You can also look into changing your budget. Maybe the budget you have now still has a few things you can change. For instance, you may never use coupons when you grocery shop, but if you start doing so, you could save a little bit of money each trip. Even if you save only a third of each bill, that's money that you can put toward paying down your debts. A good rule of thumb for a budget is to make sure your debts don't take over 40 percent of your income.

A consolidation loan is then something that can help. Putting all your debts into one payment may make it seem like a large chunk of money, but it's likely to get paid down faster because you can focus on only one bill instead of multiples.

Source: National Debt Relief, "Financial Stability and What You Need to Do to Achieve it," Paul Ritz, accessed June 01, 2018

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