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What routine steps can be taken to help reduce debt?

If you are in severe debt, you may be shaking your head and wondering how such a thing could have happened. The fact is, debt can build and grow to such proportions that you may feel you will never get back to the break-even point. This is certainly a scary proposition, but you may be able to make some personal adjustments that will get you headed in the direction of solvency.

According to one expert, those who manage to live debt-free do so by engaging in certain habits, some of which you may want to develop to battle your debt. Here are some things that may help you achieve financial independence:

  • Think ahead before you spend. Instead of spending a few dollars on this or that, consider the advantages of putting those bucks into your retirement fund or investments.
  • Avoid buying things just to keep up with your neighbors and friends. Trying to keep up with the Joneses is a good way to keep yourself in debt.
  • When you do make purchases, employ money saving strategies. Whether it's clipping coupons or scouting garage sales for what you need, there are many ways to pay less for the things you want.
  • Pay close attention to your expenses and cut those things you don't really need or use any more, such as premium cable channels or gym memberships.

These are just a few things to consider incorporating into your financial routine that may help you chop down your debt. But of course, if your debt has grown too large or you have recently suffered a setback such as a divorce or the loss of a job, simply adopting some new spending and saving habits may not be enough to provide satisfactory relief.

If you're dealing with such circumstances, you may want to discuss your situation with an attorney who handles debt relief cases. An attorney can advise you on your options, such as filing for Chapter 13 or Chapter 7 bankruptcy. An attorney can also help you set up a plan that helps you regain your financial footing in a matter of months.

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