There Are Ways To Lower Debt We all have debt in one form or another. It could be a debt to someone for some deed they did to us in the past. It could be a form of debt to society as a whole or it could be some amount of financial debt due to one reason or another. As to the latter, monetary debt is not a new concept. Ask around and almost everyone has some sort of financial debt. If you dig deep enough you will be surprised as to some of the amounts – it can vary between a couple of hundred dollars to thousands and thousands of dollars. If you’re one of those people who carry debt then you know just how draining it can be, both in a financial sense and in the mental-physical sense. The good news is you can lower your debt and not have to suffer a breakdown because of it. In order to start lowering your debt you need to know where you stand first. This means sitting down and taking the time to go over your finances. Make sure to include all the money that you have coming in and all the money you have going out as well as the list of debts that you have accumulated. The amount of your debt may be shocking at first and sobering at the very least. After you have that eye opener see which of those expenses you’ve listed can be cut down or totally removed. For example see that entry where it says Starbucks coffee for $4? How about buying just regular coffee worth only $1 and save on the $3. It may not seem like much but if you drink coffee 5 times a day that’s a $15 savings which equates to about $450 a month. That’s $450 that you can use to pay off your debts especially credit cards. Speaking of credit card debt, don’t just pay the minimum amount per month if possible. Try to pay more so you can lower the principal thereby lowering interests and finance charges as well. If you can consolidate them into one low interest account the better. Perhaps taking out a home mortgage loan to pay off the debt is a good idea since you will only have one debt to pay at a lower interest rate.