Saying Goodbye To Debt: Steps To Financial Freedom
Think of your debts as your crosses to bear on the road to financial freedom
. Debt weakens you; debt slows down your journey towards your realizations. So if the intent of yours is to get to the other side of financial freedom, then you need to do the more important things first. And one of these is figuring out how you can handle your debt, and how you can unload debt off your shoulders. At least this way, it will be easier for you to go on forward. It is important to tackle this, and consider this as your first step of many steps to financial freedom. We list the many things that you can do in order to manage your debt, and at the same time help you get to the point that you are dreaming of.
Steps to financial freedom begins with eradicating credit card debt.
Every journey of many steps to financial freedom will often start with the acceptance and the realization of your current financial standing. It will not hurt to acknowledge that you have a problem. And the important thing here is to address the problem immediately. If you have debt in front of you then you need to acknowledge debt. Credit card debt is the biggest enemy for many of us. If you are in the same fix, address this by gathering all card statements and make a list focusing on the interest rates, the amounts and the minimum monthly payments that should be made. Now you can make a list of your credit cards based on the interest rate.
Once you have made the list of your credit cards, then that is the time to cut the number of cards to at least two. Yes, you can still live even with just two credit cards at your disposal. Close the accounts for the rest of the cards. Make sure that the interest rate for one of the card should be less than 14 percent. Now the two cards that you have identified are the same cards that you will only use.
And speaking of using these cards, better educate and tell yourself that these cards should only be used in making necessary purchases. When making other purchases, it is best to use cash instead. This is a critical step on the steps to financial freedom.
Now make a listing of all the required minimum monthly payments for your cards. Also pay first the one that is due immediately. And if you can try calculating how much you can pay over the minimum as this will help you cut your problem early. Once you are starting to pay for your cards, its best to consolidate all your debts. All balances on the high-rate card should be transferred to the low-rate card.
Again, always pay the minimum required payment by the credit card company.
Once you are free from the menacing control of debts, make sure that you stay that way. There are many
steps to financial freedom , but you cannot reach that by not starting on the basics. Remove credit card debt and other forms of debt, and everything follow.
by: bournedrew
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