It Might Not Be Easy, but Eliminating Your Debt Can Profoundly Affect Your Happiness.
Owing money and struggling day by day to meet debt payment is considered a major source of stress and unhappiness. To be rid of debt, one has to make a conscious effort to change things.
Use the following proven steps to begin getting out of debt.
1. Stop the Indulgence--The first thing to do in getting out of debt is to stop any more debt. Sounds simple, but the truth is, you can only "get out of a hole if you stop going deeper and make the effort to climb out." It takes discipline to resist the impulses and temptations that you have been used to. But resist them you must, to help your situation.
2. Sleep On It--Before you rush to buy anything on impulse, stop and take time to think about it. Ask yourself:
A. Do I really need it?B. Is it something I need to buy now?
C. Will it make me happier or my life easier?
Buy the item only if you answer "Yes" to these three questions, and only if the item is a real necessity, at least for now. Mark you, our wants have no end, but our needs are limited.
3. Pay Cash for Your Regular Items--Using credit cards for gas, food and utilities is an easy way to pump up your debt. Be prepared for these items and use cash instead. Using cash for your purchases has a way of instilling discipline. It's easy to buy on credit and make installment payments. But when you have to lay that cold cash on the table, you'd think twice, unless the item is a necessity. Cultivate the habit of using cash.
4. Leave Home Without It--Take your plastic out of your wallet and put it away. Going around with your card with you only increases the temptation to use it. If you need to buy a high-ticketed item like a TV, stereo, or computer, why not save for it and pay cash?
5. Bring Your Lunch to Work--You may not think much about this, but you'd be surprised how small amounts can quickly add up. Around $25 saved per month can be used to pay down your debt. And $25 per month adds up to $300 in a year. $300 a year would give you close to $45,000 in 30 years, when you factor in a 9% interest rate. It's surprising how little money can add up quickly if you let it accumulate.
6. Pay More Than the Minimum--Endeavor to pay more than the minimum required by your creditor. By making only the minimum payment, you will pay the maximum amount of interest. PLUS, the principal will be stretched out over the longest period of time. This is not to your advantage.
7. If You Need Help, Get it Fast--If you are deeply in debt and can barely make the minimum payments due, get help now! Consult with a credit counseling agency. They can help you negotiate your debt down, stop interest payment and consolidate your debts into one single convenient payment.
Muyi Shogbuyi is an author with 20 years of experience in finance management. His hot-off-the-press book, GET OUT OF DEBT NOW! START A DEBT-FREE LIFE OF PROSPERITY, will show you easy-to-follow steps on getting out of debt and staying out of debt the easy way. Send two first class stamps for complete details on this book and receive a FREE report, 7 WAYS TO ELIMINATE YOUR CREDIT CARD DEBT FAST! Or send for the book and receive two bonuses--the 7 WAYS report and a FREE copy of the report, HOW TO REBUILD YOUR CREDIT FAST. Only $27.95 for the complete package. You must mention this article and where you read it to qualify for the FREE bonus reports.
Visit his website and learn about how to ELIMINATE your DEBT, have better CREDIT, and put MONEY in your pocket at the same time.
Muyi Shogbuyi MAS Enterprises PO Box 408023 Chicago, IL 60640 Phone: (773) 728-7117 Website: www.wealthlink.com/masenterprises
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