DebtDasher Helps you Manage Your Debt

There are three fundamental approaches to managing personal debt: 1) increase your income, 2) decrease your expenses, and 3) consolidate some of your debts into a single loan with a lower, single monthly payment and use the money freed by the lower payment to accelerate your debt reduction.

Increase Your Income

While this is the debt management solution most people would choose over the others, it's not usually the one that a person has the most influence over. If your primary source of income is from your employment, most employers will not be sympathetic to a request for more income in the current economy.

Remember the tradeoff we all make based on the old equation time=money. We only have so much time available to offer an employer. Employers have only so much money they are willing to part with to get the work done.

For most people, increasing one's income requires taking on additional work. Income can be supplemented with a part time job or other endeavor.

Remember, if your true intent is to manage your debt, you will want to use the additional income you receive from additional work to pay down debt.

Decrease Your Expenses

While increasing your income strikes most people as the most desirable option, decreasing your expenses is probably the one over which most people have immediately control. Is your cable bill $70 a month? Cancel your cable account. Do you spend too much eating out too often. Stop it. You get the idea.

Consolidate Multiple Debts into a Single, Lower Payment

Finally, one way to get some breathing room in your budget may be to consolidate high interest debts into a consolidation loan which results is a smaller monthly payment than the sum of the monthly payments of all the loans you consolidate. DebtDasher's Consider Consolidation calculator is designed to help you see the potentially beneficial effects of consolidation.

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