Finance expert, Bill Rae, is licensed in the fields of insurance and finance, and has been working within these industries for over 30 years. He knows a thing or two about debt reduction! His recommendations to reduce your debt begin with a simple principle: if you don’t have a budget, it’s an incredibly important part of personal finance and debt reduction.  Know where your money is going. That way, you can develop an action plan and time line to pay off your debt. Communication is another important principle in debt reduction. Companies are willing to renegotiate or restructure rates and terms to help pay off debt at a pace that’s reasonable for you. As long as you’re making payments and showing the company you’re doing your best to pay off the debt, they will be more willing to help. Be careful not to fall into the trap of companies telling you they will be able to eliminate your debt so that you can walk away debt-free, without penalty or hassle. It may be possible, but there’s usually a catch. A good rule to live by is “if it sounds too good to be true, it probably is.” Think ethically and logically about your debt. Take the lowest bill (dollar amount) or your highest interest bill you’re trying to pay off, add 10% each billing period. Adding a small percentage to each bill will allow you to systematically pay them off. Include a percentage to multiple bills so that you can pay more bills off faster. What has helped you work through debt?