Debt is a nasty modern convenience that entraps so many of us, more so now than ever before. Here is your help!
How to Pay Off your Debt Faster
It is so easy to get a credit card and even more convenient to use them. Then in the process of their uses, we often forget how much was spent, because few will keep track of it. Then suddenly, we are buried in bills and are strangled to pay them off.
Now there is good debt such as a home mortgage or a business loan. Such debt is what is helping you build your future to take from today and build a better tomorrow. Whereas a bad debt, such as credit cards and a store credit shopping spree. Such credit debt will just dig a big hole that you will be paying on for years when those goods are useless and long gone providing no useful means for you. Bad debt is taking money away from your future that you need to live and build upon and stealing it away for pleasure or a perceived need today.
Thus, it is the bad debt that is our priority to pay off. Then, we can use the same principles to pay off the good debt.
- First, now is the time to assess your balances, what is coming in and what is going out. This is always the first step I do when I am consulting with a client to help them pay off their debt. You need to see the big picture of what your money is doing.
- Second, STOP the overspending and get control of your budget and know where your money is going. Create and live with, bare-bones budget. In order to get out of debt, you first need to stop getting into debt.
- Third, call your Credit Card companies and change your terms. Yes, you can do that; the worst that can happen is they say no. So, seek to renegotiate and ask for lower interest and sometimes you can do this with other bills. You can also try to get a lower interest credit card and transfer the balances.
- Fourth, pay more than the minimum payment! Below I will give two methods to pay off debt faster, but for the most part, pay more than the minimum.
Now Expedite this! How to Get Out of Debt Faster: Continue Reading →
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