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Keep the Focus on Fun This Year With Old Dominion Associates at Your Side

Piles of debt can cause high levels of stress resulting in a negative impact on your overall health. People get into debt for several reasons including poor spending habits, an unexpected major expense, loss of income, or a serious illness. The good news is regardless of your reason for accumulated debt, you can reduce it and start enjoying a better quality of life. 

Dealing with Acquired Debt

In order to find relief from stress, you need to reduce the debt. There are several ways to achieve it. You can apply for a debt consolidation loan through a lender like Old Dominion Associates to lower your monthly payment. If the debt consists mostly of credit cards, you can apply for a new credit card that allows you to transfer balances interest-free for up to a year. This eliminates multiple bills, lowers the amount required each month, and does so without any accrued interest, allowing you to pay it off sooner. 

Look for Sales

There are dozens of ways to free up money from even a tight budget and use the savings to pay off debt quickly. Look for sales on things like groceries, clothing, and other essentials. Visit second-hand shops or stop at yard sales to acquire items for you, your family, and the home for far less than the retail value. 

Saving at the Supermarket

Depending on the size of your family, a weekly food shopping trip can run several hundred dollars. The good news is there are a few ways to reduce the bill. Before heading to the grocery store, create a comprehensive list of the items you need for the week. Then go online and check the weekly fliers of the local supermarkets in your surrounding area. After review, go online to a reputable coupon site and print only the coupons that apply to your list. You can save even more money by trying non-brand name items. Many times, you can’t tell the difference in the taste or the quality. Just make sure that once you enter the grocery store that you stick to the list. 

The Bare Essentials

If your debt is out-of-control to the point where you have no money left over monthly, you have two options. You can either reduce your expenses or increase your income. If you choose the first option, there are several ways to lower overhead costs. To save on utilities, replace standard bulbs with long-lasting, energy-efficient LEDs, unplug appliances and electronics overnight, and run the dishwasher, washer, and dryer at full capacity during off-peak hours. Cable is a luxury. If you have several premium channels, your bill can run a few hundred each month. Removing the extra channels and changing the service to basic will cut the bill in half or more. If you want access to movies, sign up for services such as Hulu, Disney Plus, or Netflix for a low monthly fee.  

Preventing Excessive Debt in the Future

Poor spending habits often lead to a paycheck to paycheck way of life. Unfortunately, this lifestyle doesn’t provide financial security. Learning to stick to a budget will help reduce the tendency to buy on impulse or engage in wasteful spending. These types of purchases affect your ability to make the required monthly payments. Without refraining from old habits, you’ll never achieve financial wealth.  

Eliminate the Use of Credit Cards

Credit cards are convenient. However, if you rack up thousands of dollars and only pay the minimum payment due, it can take years to pay it off. During that time you have accrued interest that doubles or even triples the amount obligated to repay. Instead, buy items using cash. 

Large amounts of debt can cause many sleepless nights. Thankfully, there are many ways to reduce debt and make lifestyle changes that prevent it from getting back to an uncontrollable level. 


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