The global financial crisis is sure raising the consciousness of personal and corporate debt, isn’t it?  It seems like everyone is either thinking and/or talking about ways to tighten the belt and cut corners.  It can seem overwhelming…but reducing expenses and debt doesn’t have to be a painful process.  Here are five simple ways to reduce debt:

• Pay debts on time to reduce the accumulated interest.

• Do not buy anything that you do not absolutely need.

• Live within your means. Make a budget and adhere to it for your daily needs.

• Have only one credit card. It is a myth that having lots of credit cards will make you more financially secure. More credit cards only means more opportunities to spend spontaneously. You may even lower your chances to reduce debt because of your “buying confidence”.

• Find a financial counselor and get professional advice and help if necessary.

These are just some of the many things you can do to reduce debt and begin to live a debt-free life. Two big bonuses of living a debt free life are the senses of self-control and contentment that you can enjoy when you succeed in eliminating debt and staying debt free.