simple steps to get out of debt
DESCRIPTION
http://www.lifethenfinance.com. Visit our site for personal finance related articles. Debt has reached epic proportions in our society. Whether you're rich, poor or in between, you probably have enough debt to make you feel like giving up on your dreams of financial independence and living the comfortable life. There is a way out of this situation .TRANSCRIPT
Simple Steps to Get Out of Debt
www.lifethenfinance.com
The freedom of knowing bills are not hanging over
your head will make this all worthwhile.
Let’s Get Started….Shall we……..
Work out where you are now
You may not have looked at your financial position for a
while.
Just get a pen and paper and write all your credit card bills and look at the
situation honestly.
List out all your debts from smallest to largest.
List everything including the mortgage
It's been said that anyone can get rid of all their debt within
5-7 years, including their mortgage.
That means you too.
First, you need to have a small emergency fund of at
least $1000.00
The emergency fund is a safety net from the
unexpected happenings
Stop spending more than you earn NOW
This is the first thing that must be done to start the ball rolling
for your financial success.
This is most probably the reason you need to take
action now.
Look at your living expenses and cut out those things
you can't afford.
Also cut up all the credit cards.
Commit yourself to only spending what you can afford from your own
income.
Find some cash to pay down those debts.
This may mean getting a 2nd job, having a garage sale or
working.
Using the debt-snow ball method, starting paying off
the smallest debt to the largest debt.
As you pay off the debt, the small victories give you
momentum to stay on track.
To your success……
visit www.lifethenfinance.com for more related topics.