Get Out of Debt Fast with Just Three Simple Steps
Get Out of Debt Fast with Just Three Simple Steps
My my, our economy has completely collapsed. It seemed as though everything went horribly wrong out of nowhere. In a flash, our collective debt has us swimming—and drowning. Where do we go from here? We are in a financial bind; what can we do? Is there a permanent solution to our credit card debt problem? Simple, I will demonstrate...
Using credit was shameful and indicative of poverty in our parents' generation, but today our culture promotes debt. Using credit to live beyond our means is not seen as morally reprehensible by anyone. Carrying a large number of credit cards has even evolved into a social status symbol.
It seems that financial philosophy was a bad choice in the end. For many of us, the financial edge of the cliff was just around the corner, and all it needed was a little push to tip us over.
Even if we can not turn back the hands of time, we can alter our actions today to increase our safety tomorrow.
Doing a few things now can put you in a far better position financially tomorrow and ensure that you remain in a balanced position throughout your life, regardless of the economy's performance.
You can control your credit card debt by following these easy steps:
1) Consider debt consolidation. For example, if you had ten credit cards and were paying $50 each month, that would be $500 per month. Instead, you could consolidate all of your debt into one loan and pay $300 per month. The interest on most consolidation loans does not build up like it does on a credit card, so you can expect to pay more toward the principle with each payment.
Credit card interest is all you are really paying if you only pay the minimum each month. The principle is completely unaffected by your actions. In such a scenario, paying off your card will be an uphill battle. These days, you can choose from a variety of debt consolidation options. The first step is to get a recommendation from your neighborhood bank.
2) Take care of it solo. You can still eliminate your debt on your own, regardless of whether your income can not rise. Thousands of people have found success after putting in the time and effort.
If you want to use this strategy, all you have to do is pay the minimum amount due each month on all of your credit cards, then prioritize the card with the lowest balance and charge any additional funds there. Just a friendly reminder that any additional funds you may spare each month over the minimum payment will be applied straight to the principle.
The smallest loan will be paid off after some time. At that stage, you will transfer the funds from that card to the next smallest balance. Pay off all of your credit card debt by doing this.
It will not be easy for you to get out of debt. Changing habits is never easy. However, regardless of the state of the economy, you will be far better prepared financially if you are able to permanently eliminate your credit card debt.
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