get out of debt

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1. Getting Out of Debtwww.lifethenfinance.com 2. While your mountainof debtmay be daunting, it's possibleto get to the top and clearyour financial name!www.lifethenfinance.com 3. Getting Out of DebtCredit CardsBank LoansMortgagewww.lifethenfinance.com 4. Step 1: Organize Your DebtsSmallest to Largest Pay only minimum payments and any left overmoney is directed to the smallest debt until it ispaid off.www.lifethenfinance.com 5. Step 2: Eliminate Small BalancesFirst If you have a card with a low balance, pay it offfirst. Then reroute the money for that cards paymentto pay off cards with higher balances or ahigher interest rate.www.lifethenfinance.com 6. Step 3: Take Advantage of...www.lifethenfinance.comTheSnowballEffect 7. Step 4: Stay FocusedKeep your eye on the your goal. And repeat the processuntil all the debts are paid-off.www.lifethenfinance.com 8. Step 5: Avoid Skipping PaymentsSkipping payments will lead to many extrafees and harassment by debt collectors!www.lifethenfinance.com 9. Step 6: Be Careful whenConsidering Debt ConsolidationCompaniesThere are plenty of scams inthe debt consolidation industry.You are better off doing all thenegotiations yourself.www.lifethenfinance.com 10. Debt Consolidation Getting a loan from the bank to pay off your creditcards can lower your interest rate. Read the fine print on credit card offers that enticeyou to transfer your higher interest balances tothem. Debt consolidation is one more way you can get outof debt without using any more money than youstarted with.www.lifethenfinance.com 11. Step 7: Use Windfalls to Lower YourDebtAny extra cash you plow into your debt will bemultiplied when you think of all the money ininterest charges it will save you.www.lifethenfinance.com 12. IRS Debtwww.lifethenfinance.com 13. If you owe money to theIRS, make those paymentsyour highest priority!www.lifethenfinance.com 14. IRS DebtThe Internal Revenue Service can: Take your house Empty your bank account Have you arrested on criminal charges Confiscate your business assets regardless of thefact that it puts you out of business And much more!www.lifethenfinance.com 15. Student Loanswww.lifethenfinance.com 16. Student Loans Include the student loans as part of your debtsnow-ball Consolidate them to avoid multiple payments.www.lifethenfinance.com 17. Car Loans & ShortTerm Loanswww.lifethenfinance.com 18. Car Loans and Other Short TermLoans Usually carry lower interest rates than your credit cards. To avoid having eternal car loans, make a plan to put somefunds aside so you can pay cash for your next car. To lighten the load of another car loan, consider a usedwww.lifethenfinance.comcar. 19. Mortgage Loanswww.lifethenfinance.com 20. Mortgage Loans Assuming this is your remainingdebt. Focus all your extra moneytoward the mortgage and pay-offyour home early.www.lifethenfinance.com 21. Bi-Weekly Mortgage Plans With a bi-weekly plan, you pay approximately of your regular monthly payment every 2weeks. You can pay off your mortgage 8 15 yearssooner, saving you many thousands of dollarsin interest! You don't need approval from your mortagecompany, just send in an extra payment everymonth which will be applied to your principle.www.lifethenfinance.com 22. Self-Reflection Questions: Can I pay off some of these loans early without penalty? How can I cut my expenses to speed up debt repayment?www.lifethenfinance.com 23. Action Tips: Make a written plan for paying off your debts andthen follow your plan. Consolidate as much of your debt as possible. Pay off the smallest debt first. When a balance is paid off, reroute that moneytowards another balance.www.lifethenfinance.com