Credit companies get their income from interest. The longer you are indebted to a company, the bigger the interest is going to be. Companies that offer a low minimum balance are just making sure that you will be paying interest for a long time. If you set aside some of your cash to pay more than the minimum balance on your debt, you will ensure that your debt does not increase anymore because of interest. They set goals for debt elimination which only accounts for the principal. This debt elimination tip tells you two things: a) Pay more than just the minimum - If you intend to actually eliminate your debt then you have to make sure that you take the interest into consideration when you pay. The minimum balance required by most credit companies often just takes care of the principal, but it does not help to decrease the interest. People nowadays live as if debt is an ordinary part of life. Some people might even say that debt is a very useful part of life. In fact, very few people today do not have any form of debt. This is the reason why they wonder whenever some person talks about debt elimination. Why is debt elimination so important? While it can take some time to find the information you need from a book, a simple search on the internet can yield results in a matter of minutes or even seconds! There is also the matter of convenience. With today's technology, people are able to access the internet anywhere in the world. This means that you can do your research at home while seating in your favorite couch. If you are taken back to your senses, for sure you will be able to control your overly spending habits. Take on another approach. You can cut down your expenses if you divert from your customary practice. Try abstaining from shopping until you drop. You can try out shopping during sales and at the wholesale shopping outlets. It is very common for businesses to be under some disputes in billing, disagreements on the contracts stipulated, and some visible discrepancies with the accounts. These are among the common causes of the downfall of a business firm. Most of the times, these kinds of discrepancies always end up in the court of laws thereby making the business owners pay for handsome attorney s fees and other related court costs.