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2009 was a tough year and 2010 poses to be just as challenging.

Many of my friends, prospects and clients have seen their debt rise, their home equity decrease their savings/investments decrease, their credit score worsen and their ability to earn more money decrease. Sounds like you or someone you know?

There is hope, even in these tough times. There are some simple steps you can take to get your spending in control and make serious headway on your debt.

But first you need to be determined to see change. You need to resolve to do whatever it takes to see your debt eliminated, AND you need a plan. Here are a few steps that you can take.

1) VISION - Write a paragraph or two describing how it feels today to be in your current situation. How did you get here. Were there obvious mistakes made.. Write a couple more paragraphs about how you would feel to have that debt eliminated, your credit restored and extra money at the end of the month.

2) BUDGET - Write down your known expenses and try to get a handle of the cash that slips through your fingers. Be brutally honest about the discretionary expenses, you know: food, coffee, soft drinks, smokes, magazines, etc, etc... this is an area that you will be able to reduce spending in to accelerate debt reduction.

3) DEBT SPREADSHEET - Get some graph paper or use an excell spreadsheet and add each debt that you have. These are the fixed expenses with an start and stop date. Also include credit cards, but not utilities , or things like that. Make sure that you include the balance and the payment. Use the minimum payment, not the amount that you normally send.

4) DEBT REDUCTION - Add up your monthly minimum debt payment ( the total of all your minimum payments) and add any additional funds that you can allocate to pay your debt down. Each month pay your minimum due on all your bills except one. On that one pay the extra amount. Keep doing that each month until you have paid off one of your bills. Next month you will have additional funds available to be applied to debt. Keep doing that until you are left with just your mortgage. Now you can start applying a good deal towards either your savings or the principle on your home.

Years ago I found myself in financial difficulty and did this system. After paying a creditor off I took that payment the next month and rewarded myself. The next month I applied the funds towards debt.

If this seems complicated and if you are interested in an inexpensive computerized system that can help you with this let me know. I work with a company that can provide you with a customized printout every month telling you exactly how much to send to each of your creditors. You input the data, they provide the plan.
Included in this plan is EquityTRAX, Life-lock, Tel-a-doc and access to many other benefits. One of the perks that I'm enjoying is a $25 rebate each month for spending $100 on gas.

Here is a link to get more information:

yourdebtfreedate.com click on the red bar to see the video, and the click on the right to get a complimentary free personal analysis .

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