Keep your debt on a strict regime in order for your debt diet to be effective.  Going on a debt diet is similar to getting on a weight loss program to live a healthier, wealthier life.  Implementing a debt diet requires the same commitment.  It can be easy to fall back into the debt trap once the journey begins.  Various temptations such as credit offers in store and through the mail, impulsive urges to purchase clothing, vehicles or other items that you do not necessarily need will present itself.  Just say NO!

For those that have committed to getting fit this year, congratulations, you are approaching the end of the first quarter and are well on your way towards dropping the weight of debt.  Your spending plan serves as a fitness tracker; remember to use it.  Tracking your financial fitness progress is imperative and difficult to monitor without it.

Make the necessary adjustments to your budget as often as it is needed.  For example, once a debt is paid in full; remove that bill from your spending plan.  Add that monthly payment to the minimum payment of the next bill in line for payoff and continue to repeat this process until all bills are paid in full.  How do you determine which debt to pay in full first?  You can choose the debt with the highest interest rate or lowest balance.  By choosing the debt with the highest interest rate you will save money.  On the other hand, you gain confidence and a sense of accomplishment when you choose the debt with the lowest balance and begin paying them in full.  There is no right or wrong way, you choose.

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