Ways To Reduce and Eliminate Debt

Ways To Reduce and Eliminate Debt + FREE Guide to Becoming Debt-Free and Financially Independent 5 comments

Ways To Reduce and Eliminate Debt

One of these may be YOU….Does any of these items ring a bell with you or someone you know?


  • You’ve been Fired from your Job.
  • You’ve been Denied Employment.
  • You’ve failed at business.
  • You’ve been laid off.
  • Nobody will hire you because You’re pregnant.
  • Nobody will hire you because You’re too fat, too ugly, or too old.
  • There are just no jobs available in your area.


….and the list could go on and on and on!!!  Are you currently in a spot like this?  Or have you ever been in a spot like this?  I know I have!  It’s very frustrating, devastating, embarrassing and depressing….right???


Five words sum up and express how all of these situations make me feel:  It Really Pisses Me Off!!!  


As a matter of fact, it pissed me off so much that it lit a major fire under my butt to do something about it…which is how this whole website idea of helping people find legitimate income options online after being fired or denied employment was born….because I’m sick and tired of the way that the “Corporate World” treats people like numbers, or worse yet, like a piece of trash that they can just throw out once they’ve used you up for all that you’re worth!


I stand with YOU!  I agree with YOU!  I feel YOUR pain, frustration, aggravation, depression, sadness, desperation, your worry, anger, bitterness, hopelessness, and any other related word you can throw in there.  I’m on YOUR side!  And I’m not going to lay around sulking, but instead, I’m doing something about it and You should too!


Now wipe your tears, blow your nose, get out of bed and up off your butt and let’s dive into one of the first things that you should do if you’re currently faced with the issue of being without employment or without any income by any means.  Heck, this is even good for info for folks that do have jobs but can’t seem to control their debt which is causing them to live paycheck to paycheck….which is no way to live at all either!

Ways To Reduce and Eliminate Debt

Panicking is definitely NOT the first thing you should do.  This is definitely NOT the time to panic at all but rather the time to clear your head, get tough, and get focused because one of the very first things you need to do is carefully evaluate your current financial state and figure out Ways to Reduce and Eliminate Debt.


Honing in and mapping out your current financial situation will help give you a clear picture of where you currently stand and help you devise a plan to either get out of the hole or prevent yourself from getting into a financial pit while your search for a new income source is in play.


Think of it like a Natural Cleanse and Detox for your finances like you would naturally cleanse and detox your body from time to time…which is also a good idea to do at this point as well because it will not only help you lose some weight and make you feel great (feeling better about yourself right about now would be awesome, right?) but it will also help you to think clearly and with more laser focus than you could before.  I’ve done this myself, and IT WORKS!


I’ll talk more on that in a future post, but if that interests you, there’s a site that offers some great advice on that which is  NaturalCleanseAndDetox.com  but for now, let’s talk dive into the topic of Simple Debt Elimination and/or Reduction strategies.

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Please note that this IS going to take some work and you need to set everything else aside for a day or two so that you can clearly focus on the tasks at hand so that this process will actually do you some good.  If you do NOT focus on this and designate enough time to get it done quickly, then it will only add to your frustration…so if you cannot COMMIT to doing this over the next couple days, then you might as well save yourself the time and QUIT reading this article right now.


Oh, You’re still here?  COOL!  You must be determined to make your life better then, right?  If your answer is YES, then continue reading and be sure to read this article to the end and follow the steps within by either printing this page off or bookmarking it in your browser so that you can easily find it and come back to it whenever you need to.



To Access Easy-To-Use, “Pre-Formatted Spreadsheet Templates” Click HERE!


Do You Know what FiredOrDenied.com is about?  If not, read our "ABOUT" page here:  FiredOrDenied.com/About



STEP #2 – Cut Out & Discontinue Any Unnecessary Services & Expenses

{NOTE:  You may want to “bookmark” this page or email the link to yourself (or even print it out) so that you can come back and reference this information at any time because this may take you some time to complete.}


Now this can be an uncomfortable phase of reducing and eliminating debt because it involves cutting out some of your “feel-good” comfort features in life that you may enjoy…but the point here is for You to get out of debt, right?  And to get out of debt, you may have to do a few things that are uncomfortable, wouldn’t you agree?


You must come to terms with this before going any further, because if you cannot strengthen your mindset and determine that you’re going to “do whatever it takes” to get out of debt, then there’s no point in you reading the rest of this article.  As a matter of fact, if this sounds like You, then you will most likely need to work on “Improving Your Mindset” BEFORE you work on getting rid of debt.


So what are some unnecessary services and/or expenses that you could get rid of right away that will help you put more money towards paying down debt instead of wasting that hard earned dough on comfort and entertainment?


Here’s a quick list of things to Stop Spending Money on:

  1. Starbucks (or other “fancy coffee shops”)Ways To Reduce and Eliminate Debt
  2. Cable / Satelite TV
  3. Expensive Data Plans on your Cell Phone
  4. Restaurants & Fast Food
  5. Movies
  6. Netflix
  7. Alcohol
  8. Tobacco
  9. Automatic Car Washes
  10. Internet Games (that charge monthly fees)
  11. Etc, etc…. I think you get the point.


Only YOU know what you waste money on, but you’ll be amazed at how much that all totals up to when you just take a moment to sit down and write it all out on paper or better yet, in spreadsheet format (using one of the spreadsheet-formulated templates mentioned above).  Once you have figured out how much money you will save by simply cutting out comfort features then you can immediately begin delegating those funds towards paying down debts right away.




STEP #3 – Begin Paying Down Debt – Which Debts Do You Begin Paying Off First?

Debt Stacking – Have you ever heard of the term “Debt Stacking” before?


If not, then this is actually going to be kind of cool for you to experience!


Before we get into how to stack your debt, let’s simply define the term “Debt Stacking” so that you have a clear picture of what it means, what it is, and how it’s going to help you pay down or pay off your debts as quick as possible.



DEFINITION OF DEBT STACKING – The “Debt Stacking Basics”

“To make Additional payments towards the “Principle Balance” of your Highest Interest debts first.  Then once the first debt on your debt stacking list is paid off, you use all of your freed up monies (the minimum payments + the additional principle payments) to put towards the additional principle payments of the next debt in you debt stacking list.  Continue this process until all debts are paid off.”

Debt Stacking is my preferred method simply because you will save the most on interest charges over any other debt reduction strategy, however, another popular method that some suggest is called, “Debt Snowballing.”

DEFINITION OF DEBT SNOWBALLING – How does it differ from “Debt Stacking?”
Debt Snowballing is “opposite of Debt Stacking in the sense that, instead of starting with paying off your highest interest debts first, you actually start with paying off your Lowest Debts first.”
The reason that some financial advisors may recommend Debt Snowballing over Debt Stacking is only for one reason, and that reason being Psychological.  Psychological in the sense that the paying off the debts sees results “Faster” and, therefore, gains an increase in confidence and is more likely to stick with the program.  This strategy is best used for people that have a lack of willpower or “stick-to-it-tiv-ness.”
Let’s take a look at an example of the two types to help you determine which strategy may work best for you…
Ways To Reduce and Eliminate Debt
Now that you know the differences between the two methods, it’s time for You to decide which one you believe will work best for your particular debt situation and begin putting the elimination factor into practice.
To Begin, you will need to take the information from the first spreadsheet that you created (Your Assets vs. Liabilities/Debts Spreadsheet) and create a new spreadsheet named, “My Debt Stacking List” or “My Debt Snowballing List.”  (NOTE:  You can search for these preformatted templates using the link I mentioned above.  Once you’ve clicked on the link, search for “Debt Reduction Calculator” or other “Debt Elimination Templates” and your spreadsheet options will appear.  Or click HERE to go there now).



Step #4 – IMPLEMENTATION – Put Your Plan Into Action!

By the time you reach Step #4, you will have accomplished the following:


  1. Created “Your Assets vs. Liabilities/Debts Spreadsheet”
  2. Created “Your List/Spreadsheet of Unnecessary Expenditures” – Comfort Features to get rid of for now
  3. Created “Your Debt-Stacking (or Debt-Snowballing) Spreadsheet”


Now that you have a “Clear Picture” written out in front of you within your spreadsheets, you can now clearly see exactly how much money you can begin paying towards the principle balances of your debts and you can easily begin putting your debt elimination or reduction plan into action!  Implementation is the KEY here because a “PLAN” is no good at all without implementation.  You have to take action and stick to it, otherwise, you will continue being stuck as a slave to debt and you’ll never get ahead financially.


Step #5 – Guide to Becoming Financially Independent

Once you have completed your “Guide To Becoming Debt Free” as outlined above, you’re now ready to focus on a new “Guide to Becoming Financially Independent.”


Most people only dream about the idea of becoming financially independent and never get there because they never take action.  They never get even as far as you already have in this article by beginning to pay down their debts…so give yourself a HUGE pat on the back because if you’ve reached this step, then you are way ahead of most people in creating financial independence for yourself and your family!


So Congratulations, but now it’s time to….You guessed it… “Take More Action!”  🙂


One of the biggest factors in becoming financially independent is controlling your debt and not creating new debts along the way.  However, what do we do about creating more income or more wealth?  How does one accomplish this?


For the record, I must state that You do NOT have to be “Wealthy” to become Financially Independent.  Many people confuse the two and think they both mean the same thing, however, nothing could be further from the truth.  Let’s look at the definition of the two terms to help you differentiate the two…


Ways To Reduce and Eliminate Debt

~ versus ~

Ways To Reduce and Eliminate Debt


To be Wealthy is to have a “great” deal of money, resources, or assets…otherwise, “Rich.”


Financial Indepence (or Financially Independent) on the other hand is to have “SUFFICIENT” income/wealth to live without having to work actively for basic necessities.  The practice of becoming financially independent is to build up your assets in such a way that your assets begin earning you a living rather than you “working a job” for a living and once the income from your assets become greater than your expenses/debts/liabilities, then you have become financially independent.


Ahhh, that just sounds good to say, doesn’t it?  🙂


This is why many people turn to Real Estate.  They understand this principle and so they begin buying “Rental Properties” in hopes to one day have assets greater than their expenses.  However, two major problems with this strategy is that it…


  1. Takes a lot of up front money
  2. Must have good credit
  3. Takes a lot of time before properties begin turning a profit
  4. It takes even more time before the properties are paid off


I am NOT saying that Real Estate investing is a Bad thing at all, but rather that it is something that many people cannot afford to do, or may not even have the credit to do.  Well, if you can’t do Real Estate for whatever reason, then what are your other options that do not require large upfront expenses or good credit to get started?


That’s a great question!


I personally have studied many various ways to accomplish financial independence but have found that nearly everything out there results in me having to invest a lot of money up front OR having to get into even more debt up front to get started.


However, last year I found what I believe is the perfect solution for folks like you and I…and that is…”Getting Started with Creating Your Own ONLINE Real Estate!”

If you have any questions or suggestions about this article, please leave them in the comment box below….and as always, please “Like, Share, Comment & Subscribe to our Newsletter to get the most up to date information.”

All The Best,

Jeremy Wilson, Founder & Executive Director of FiredOrDenied.com


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5 thoughts on “Ways To Reduce and Eliminate Debt + FREE Guide to Becoming Debt-Free and Financially Independent

  • Kalie Downey

    I’m in debt pretty bad right now, to the tune of $15,000. If I’m getting a large sum of money in the near future, say $10,000, should I use it to pay off some of my debt, or should I take the ten grand and invest it in something that will make me more money? I’m having a hard time deciding because 1) I don’t want to receive the money and go broke the next day after paying off debts, and 2) It’s not enough money to cover the entirety of my debts.

    I have this notion that if I took the money I was about to receive and invested it somewhere, then I could generate more money and pay off even more debt, but I’m indecisive about where to invest and also, what if my investment didn’t work out and I lost it all… Do you think it’s more responsible to pay of $10,000 worth of debt straight away and figure out how to come up with $5,000 more, or to try turning the $10,000 into more money?

    • Jeremy Wilson Post author

      Hello Kalie,

      Thank you for visiting FiredOrDenied.com and I’m honored to receive your comment and questions…I’ll be more than happy to help you. There are many variables that come into play in a situation like yours and it would be best to discuss your situation privately over the phone. Therefore, I am going to email you my phone number and I invite you to give me a call so I can share with you some things I’ve learned in similar situations and what I’ve done that made a huge difference in my finances along with some good, age-old advice to help you in making your decision.

      First and foremost though, just do NOT make any “hasty” decisions, as rushed decisions (financial decisions that is) nearly always end in a negative way…trust me, I’ve made these types of mistakes myself in the past.

      So please look for my email….I’ll be sending it from “wilson@jeremydavidwilson.com” and I look forward to being of service to you! 🙂

      All The Best,
      Jeremy Wilson

  • andrea

    Hi Jeremy
    You got straight to the hot spot.
    I didn’t know about the snowball system.
    I personally now have no debts and rolling toward financial freedom, then when i am there i will
    get ready for wealth.
    I think your post it’s really valuable and for the people. You actually want to help folks out.
    I do respect it a lot.
    And you are honest when you write that all start inside the person and the action it’s the only way to achieve changes and results.
    Also you got me very interested in the real estate online i will check it and bookmarked.
    Thanks a lot for the awesome contents
    Best of best

  • Vic

    Hi Jeremy, great outline on steps to becoming debt free and financially independent. I was once in big debt and used this very method to get out. I sucked cuz it took so long, and because we wanted to be sure to not add to the debt, but once we were out, we were free!!

  • Debra

    What a great instructional approach to helping reduce and eliminate debt. We had to d o this years ago. It was slow going at first because we didn’t have a lot of extra money to use towards paying down the first one in that stack. But one we saw that one get paid off the others went really quickly. That was because after a while we didn’t miss the money we were using to pay the first one off, and when we started use that to help pay the 2nd one off, we saw our debt plumet monthly. I’d say that first year was the hardest.

    This is actually how all the financial courses tell you to do it.