Famous talk show host Oprah Winfrey is known for her popular TV program, her talented acting ability in the movie “The Color Purple,” and her passion for living. In 1994, America watched in horror as Oprah worked with personal trainer Bob Greene to beat her weight problems and look slimmer, a little shy of her body size. Now, a different type of diet has challenged America. Unless this reduction plan does not help you in smaller size clothing. Instead, it’s ‘Oprah’s Debt Diet’, and it will help you change your spending habits and lose unwanted debt.
Oprah Winfrey compares overspending to overeating. So he enlisted the help of three financial experts – Jean Chatzky, Glinda Bridgforth, and David Bach- to explain step-by-step a plan that anyone can use from debt.
Oprah’s first debt step is to figure out how much total debt you have. When starting a weight-loss diet, you need to know how much you weigh so figure out how much you can weight you need to lose. It’s the same with the Debt Diet. You need to know how much debt you have, so you can figure out how much you need to “lose.”
The Debt Diet suggests that you get credit from all three major credit agencies. These are Experian, Equifax, and TranUnion. These credit reports will probably forget any old creditors and unpaid accounts.
Next, you need to check your debt to find out what type of debt you owe. Types that you will use, Secured Debt, Qualitatively Secured Debt, Unsecured Debt Other,
Student Loan Debt and Tax Debt. Unsecured debt includes balances, balances, medical bills, and other financial debts that can make you a participant. credit consulting books
The second step to Debt Oprah is to keep track of where your money is going. You should do this to see where you can save money. saving money can then reduce your debt. According to financial experts, the money they typically spend on newspapers, coffee, gum, etc. can help reduce your debt in no time.
Once you find out where your money is going, you can trim the fat. You can do it this way
to cut off the superfluous. More estimated people earn more than 10% each month. Often extra money is placed on the credit card.
Creating a weekly or monthly budget is a good way to keep track of your money and see where it needs to go.
The third step to Oprah’s debt is to find out about the credit cards you have. Do you often make unnecessary old fees? Do your annual cards charge you? How much do you need to pay toward the balance to actually reduce your balance? The minimum monthly payments are usually small and “affordable”. But if you pay all that money you credit towards your debt, the balance is going to grow instead of decrease!
You will also need to take care of your credit interest rates. Lenders often foreclose on your property if you pay late, for example. Sometimes, if you contact your credit companies, they will sell to your creditors.
Oprah’s fourth level of debt is simply losing money. Spend less money on necessary purchases, and put extra money toward paying off your debts.
According to financial experts, the longer you stay on a budget, the easier it will be to stick to it.
Like a weight loss diet, you won’t have to overeat overnight. It is both time and But, once you start following the Oprah Debt Diet, and you see your debts decrease, the results will encourage you to keep it up!
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- For more detailed information about Oprah’s debt diet, visit www2.oprah .com/money/debtdiet /money_debtdiet_main.jhtml.
