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The following article was published in our article directory on July 18, 2014.
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Stretching Income: The Debt Reduction Exercise

Article Category: Advice

Author Name: Irene Immink

Simply defined, a debt is a sum of money borrowed with the obligation to settle usually with a corresponding interest or other penalties and fees as may be agreed upon.

Many people incur debts for various reasons, the most important of which is their inability to pay for something at its full price at the moment of purchase. Because of this situation which tends to go on in a cycle, it is difficult to eliminate debt and repair your credit. While not all debts are considered completely heavy, they have nevertheless led to severe financial losses and even bankruptcy for individuals and families who have failed to manage them properly. In fact, the average household debt in the United States affecting more than 40% of families has been calculated by the Federal Reserve Board to reach more than $70,000 totaling approximately $2 trillion in 2013 alone.

Although many have tried to escape the vicious cycle of debt slavery, they cannot eliminate debt because of the continued mismanagement of finances. In order to repair your credit, knowing how to manage finances are necessary.

One of the major reasons many people often incur debts is because of their low income. In the United States alone, the number or working families belonging to the low income group has risen to 32% or 47.5 million over the last two years. Yet, this should not justify incurring more debts than one can handle.

When income fails to cover all expenses of an individual or of his family, another way of coping would be to increase income or stretch the budget without resorting to loans. This may be done by taking extra jobs, computing the right amount of taxes and making use of additional purchasing power. In this way, you can eliminate debt and help repair your credit.

Taking Extra Jobs

Aside from going overtime, one may also take extra or part-time jobs available near his workplace or signing up for online writing, marketing, blogging or transcription jobs. Moreover, he may use his talents, expertise or hobbies like baking, playing a musical instrument or surfing to earn by teaching others who are interested to learn. He may also take advantage of his activities like walking in the park by taking jobs like walking dogs or babysitting. In other words, he should be open to the idea of making extra cash out of anything legally possible. With extra income, you can eliminate debt. Having no debts will help repair your credit.

Computing the Right Amount of Taxes

How can computing the right amount of taxes eliminate debt and repair your credit? While a substantial tax refund may be pleasant at the end of the year, it may be disappointing to just use it for settling past debts due to insufficient income. In order to avoid the problem of lack of income in the first place, it is better to ensure that one is actually deducting the right amount of taxes. In relation to this, he must determine the exact amount of his deductions, exemptions and use the appropriate form. In this way, he can allocate the correct amount of funds for his budget.

Making Use of Additional Purchasing Power

While money is mainly used in exchange for goods and services, other sources of purchasing power such as coupons and other special promos in supermarket fliers or magazines may also be tapped in order to eliminate debt and help repair your credit.

In sum, if you cannot eliminate debt and repair your credit with your current assets, find ways to increase what you have. Stretching goes a long way.

Keywords: Eliminate Debt, Repair Your Credit

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