Building A Financially Stable Future By Eliminating Debt
The tide of how money is managed has changed in the past few years
. You can no longer rely on your credit cards for an emergency and your home appreciating in value cannot be relied on any longer either. Credit cards and home equity is something that we were able to count on in past years, but that is not necessarily the case now. The confidence in these things is gone and it is up to us to build our own financial stability.
There are still tried and true ways for preparing for a financially stable future, but one of the fist things you are going to have to do is eliminate your debt. Paying interest on borrowed money is counterproductive and holds you back, so that is the first thing you want to go. But on the other hand you don't want to ruin your credit in the process.
Using a nonprofit credit counseling company is the best way of doing this, because your interest rates are lowered to around 10% and some lenders will actually eliminate the interest. This gives you less to repay making it that much sooner that you will be debt free. Most people can be out of debt within 3 to 5 years. You can actually begin your emergency fund while you are paying off your debt. Even if you get $1,000 set aside, it will get you through an unexpected car repair.
Becoming financially stable is a process and you have to take things one step at a time. You have to decide which step is most important here. I am all for eliminating what is costing me the most amount of money or what is prohibiting me from reaching my goal. Get a quote today for paying off your debts without a loan!