Debt Relief - 3 Important Goals to Set For Yourself

If you are in debt, you are likely looking to seek relief. A good step is to enroll in a debt relief program, like one that handles debt settlements. You also have the option of doing all the work yourself. Either way, if you are serious about seeking debt relief, there are three important goals you'll want to set for yourself. What are these goals?

* Goal #1 - Pay X Amount of Dollars Each Month

This is very important if you aren't enrolled in a debt relief program. With a debt relief program, they tell you how much you need to pay each month. If you are handling your debt all by yourself, you'll need to set the goals and accomplish them yourself.

Now, there are two important points to mention here. You want to choose a reasonable amount (something you can afford to pay month after month). On that same note, you want to ensure what you do pay monthly is enough to put a dent in your debt. If you owe $15,000, $50 a month isn't going to cut it. In fact, that leads us to our next goal you want to set for yourself.

* Goal #2 - Spend Less

You need more money to pay your creditors or your debt relief company. You might have automatically thought of getting a second job. Go right ahead and get one if you'd like. However, know that one of the easiest ways to get more money in your pocket is to just limit your spending. Take a look at all the bills you pay month after month. Can you reduce or eliminate any of them, like your phone bill or your cable bill?

Then, look at your other spending habits. These should be "unnecessary" and "not needed" purchases, like eating out for dinner, getting a snack at the vending machine, and so forth. I bet you can cut some of those to save some money. Note: If you are in debt and seeking relief, any money you do save must go towards that debt or else your purpose is defeated.

* Goal #3 - Get Out of Debt in X Amount of Time

By setting the first goal yourself of paying X amount of dollars each month, you should be able to calculate when you'll be out of debt. That might be in one year, it might be in three years, or it might be in seven years. The key is to know this date and focus on it. This goal enables you to keep track of your debt relief along the way; you know when you are on track or when you need to step-up to the plate and swing harder.

If you are over $10,000 in unsecured debt you really should consider getting a debt settlement. Creditors of unsecured debt are fearful of collecting and they also have stimulus money to make debt settlements financially feasible for them. Once the economy turns around it will be too late to eliminate your debt. Check out the link below to locate legitimate debt relief companies in your area: