The Most Important Steps in Your Debt Elimination Process
The Most Important Steps in Your Debt Elimination Process
Start by admitting that you have a problem with debt.
Acknowledge that you need to do something about it.
Consult a debt counselor for help to get you out of debt.
Identify a suitabledebt elimination system or program that will fulfill your financial situation best.
Use the best debt elimination plan available.
Consider debt consolidation if you have a lot of monthly bills to pay. This way you will only pay one account each month.
Stopbuying on credit and acquiring new debt. Your debt will stay out of control if you keep on adding to it.
Cancel any monthly subscriptions to magazines, gym membership, gaming account, etc.
Stop buying food on the run - it is usually much more expensive than preparing it yourself at home. Eat breakfast at home and take lunch to work.
Establish anemergency fund. Save cash for emergencies, do not use credit cards. This money is only for real emergencies like paying an unexpected hospital bill, or fixing a water leak. It is not for something like an unexpected party, to fix your Playstation, or buying a new outfit for the year end function.
Implement adebt snowball effect to keep you motivated. After paying all your debts each month, put any extra money on the lowest balance debt. After that debt is paid off, start on the next lowest balance. This will keep you emotionally and psychologically motivated to keep at it.
Remember the fundamental personal finance equation: youmust spend less than you earn to pay off your debt, save money, etc.
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