Do you enjoy being a debtor? If that’s the case, you shouldn’t read this. If you want to get out of debt, so, keep reading. As you’ve discovered, good debt reduction advice is difficult to come by. Many of the proposals are either incorrect or incomprehensible. None of this will assist you in improving your financial status.

The first thing to consider is who is offering the advice. Consider what qualifies them for the job. Make sure they have a professional qualification in the financial industry if they have one. Advice from a certified financial planner (CFP) holds more weight than advice from a Ph.D. when it comes to debt reduction. Real people who have managed to get out of debt on their own are another fantastic source of advice (in this case a Ph.D. could be a could source).

One form of advice to avoid is that which is intended to deceive you to keep you in debt longer. This can be difficult to detect, but if you ask yourself why the advice is being given, you should be able to end the bulk of incorrect advice. Keep in mind that you’re dealing with your financial future, so take it. Following incorrect counsel can exacerbate the situation, and who wants that?

When it comes to debt reduction guidance, there are two things to look for:

1. Excellent suggestion. This is sound counsel that has been tested and is founded on sound concepts. Money management includes cutting unnecessary spending, investing, saving, and planning. People who give such counsel, on the whole, know what they’re talking about.

2. This is sound advice. Even the best advice is useless if you don’t put it into practice. Many experts, for example, may tell you to decrease spending to the point where you have no fun and no satisfaction from life. Sure, the end result of financial independence may be worth the sacrifice, but if you can’t follow the rules, the advice is useless.

Most debt-reduction advice has a few similar themes; here are a few to get you started:

Make a budget. You need to account for every penny coming in and every penny going out. At this stage, all you need to do is know where it’s all going. If you have more going out than coming in, then you will be going further into debt, and you need to fix it as soon as possible.

Stop! If you’re in a hole, there’s an old adage that states you should stop digging. This is particularly true with debt. Stop using your credit cards if you have credit card debt. Although this is common debt-reduction advice, you might be surprised to realize how many individuals neglect it.