President Obama wants to reduce the national debt. He signed an executive order to create an 18-member commission to slash $14.3 trillion in government debt and the $1.6 trillion federal deficit.
The panel will be comprised of Republicans and Democrats who are tasked with making recommendations to balance the budget by 2015, according to the New York Times. It’s too early to say how this initiative will work, but getting a plan of action to cut the national debt makes a whole lot of sense.
Your Debt Reduction Plan
So have you put together a plan to balance your budget? You don’t need 1n 18-member panel to get going on a debt reduction plan. But you may need help with debt to actually make strides in cutting your bills.
Debt counseling is one way to get debt help. Nonprofit debt counseling is usually low-cost or free depending upon your financial situation. Look for debt counseling that includes setting up a budget and classes or workshops that help you learn to manage money better. Debt counseling shouldn’t require expensive, long-term contracts loaded with random fees.
Credit Card Consolidation
For some people credit card consolidation may help with debt. Consolidation loans can combine several high rate credit cards so you have one monthly payment at a lower interest rate. A debt consolidation loan only works if you stop running up new credit card debt.
Even if your credit card debt seems overwhelming at the moment it’s better to put together some kind of debt reduction plan sooner rather than later.
Similar Posts:
- Debt Reduction Companies
- How To Get Your Credit Card Interest Rate Reduced
- What is Free Debt Consolidation Loan?
- 4 Common Expenses That Waste Your Money
- Credit Card Debt Come to an End
