This reduction technique isn’t asking you to stop shopping, instead it’s just asking you to seriously evaluate the need of anything you want to purchase and not just purchase it on the spur of the moment. So, if you really-really need to buy it, you will go back to your home to fetch your thus introducing a delay that is instrumental in killing spur-of-the-moment purchase (and hence helping in debt reduction). It gives you time to evaluate if it’s really worth going back home and getting the for purchasing that item. So, in this case, debt reduction is achieved by preventing the debt from building up further. It’s a very effective debt reduction measure.
The other effective way of debt reduction is debt consolidation i.e. consolidating debt from high APR credit cards to a low APR one. So this debt reduction measure works by reducing the rate at which your debt grows. Moreover, this way of debt reduction also gives you a breather in the form of a short initial period when the APR is 0%. Besides debt reduction, debt consolidation also brings some additional benefits which are basically in terms of rewards etc offered by the new supplier. Thus this method of debt reduction is really more than just a debt reduction method – it’s a benefit provider too. If you are not comfortable in taking forward this method of debt reduction, you can seek the help of a debt assistance company.
Besides these two debt reduction measures, which are really the most important debt reduction measures, there are other methods too for debt reduction. Another one is to ask your current supplier for help in debt reduction i.e. by lowering the APR. It might work out for you (as it does for some people).
Also remember, that there are people (professionals) out there who provide advice on debt reduction (just in case you need them).
