10 Tips to Significantly Reduce Your Debt in a Year

Written By Shatoyia Jones, FLP Founder, Wealth Building Educational Consultant; Business Development Specialist

​There are many different options to reduce debt outside of bankruptcy. Here are 10 Tips for reducing your debt in 3 months to a year.

Tip #1: Track Discretionary Spending

​Tip #2: Don't Wait Too Long To Tackle Your Debt

Tip #3: Pay Down a Little More Than the Minimum & Pay Biggest APR First

*** Reminder***
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Tip #4: As you pay your debt back, you will automatically see an increase in your credit score, and it will feel really good and motivate you to keep going

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Tip #5: Practice Discipline but Still Live Your Life While Managing Your Money

Tip #6: Increase your credit to get a lower interest rate on loans, esp. the most desirable -- superprime loan

Tip #7: Not as important as how much money you make; more important what you do with it / how you manage it

​*** Reminder ***

Tip #8: ​Don't want money to stifle your growth but to help your growth - make your $ money work for you.

Tip #9: Change your mindset on money --- from shiny candy to tool for investment and to make more money. With a shiny candy mindset, you'll always be broke no matter how much money you make (Refer back to tip #7)

Tip #10:  Lower Your Debt to Income Ratio - 30% is ideal.

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