| You Can Get Out of Debt in 3-5 Years |
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| Written by Leslie Patton |
| Tuesday, 28 April 2009 15:13 |
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Wouldn't it be nice to be debt free in 3 years. Don't feel guilty because the average debt for all of us has increased by 85%. Each household averages at least $10,000 in just credit card debt.
Wouldn't it be nice to be debt free in 3 years. Don't feel guilty because the average debt for all of us has increased by 85%. Each household averages at least $10,000 in just credit card debt. When it comes to spending you must take care of the basic needs. These needs would be food, a place to live, and maybe some type of transportation to get you to work. Now that doesn't mean this has to be a brand new car, a new house, and a fortune spent on groceries and eating out. Your going to have to make some sacrifices if you are serious about getting out of debt. You may have to trade in the new car for a used one. You can start cooking more at home. Make a list of your meals for the next two weeks and go to the grocery store and just buy the things you need on your list. So now your going to have to budget. Go through all your bills and compare them to your income and see how that comes out. Are you spending more than you are making? If that's the case you have to quit spending or start making more money. One thing I recommend is to set aside at least $20 for you. Take that money and spend it on something for you. Yes that's right blow it on anything your heart desires. Only that set amount and only once a month. You do this more for your emotional stability than anything this keeps you from feeling so deprived. So when your having a bad day and tired of the stupid budget you don't go out and blow a couple hundred dollars. You see where I'm going here. You have to have a strict budget, but don't go to the extreme. I almost forgot, quit using your credit cards! Stop spending money that you don't have. Pay everything with cash or debit. I had to put mine away and quit carrying them with me. Now when it comes to paying credit card debt you have to get out all your credit card statements and look at your balances and also your interest rates. Depending on what you have you can do take care of it a couple of ways. You can start paying off cards with the lowest balance or you can pay off credit cards with the highest interest rates. The most important thing is that you pay the minimum on all other cards and put the main amount of money towards paying off that one card. When you pay it off do the same with the next only add the minimum that you were paying on the previous card to the total on that one card. It's like a snowball effect. DISCLAIMER: This article is provided as information only and is not to be taken as financial advice. Wouldn't it Be Nice to Be Debt Free! There is a more specific guide to help you that is Guaranteed to Get You Out of Debt in just 3-5 years. This is not a scam it has a 97% Success Rate! Be Debt Free in 3-5 Years! For More Debt Help and Money Saving Tips check out my lens http://www.squidoo.com/debt-free-4 |