Managing Your Debt…Till you GET OUT OF DEBT!
You CAN Get out of Debt and Live Better!
You Want To Get out Of Debt Because you hate living like this….?
With the rising cost of living it is becoming more and more difficult to keep your head above water. Unfortunately most people’s salaries hardly cover the cost of living and this feeds loans and credit card debt. The old saying borrowing from ‘Peter to pay back Paul’ is more of a reality than what people realize. You can get out of debt but it all starts with you…and you need to be disciplined enough to as well!
Quite a few people I know are even struggling to keep the roof over their heads and are facing foreclosure from the banks. You are never really free until you owe Nobody money and that means nobody. It does not have to be this way if people are educated right from when they are small. So you want to get out of debt because you hate the the stress the struggle and the living under the ‘the never enough syndrome?
Where Does the Debt Problem Originate
In my opinion children need to be taught basic financial skills and budgeting while they are in school. I doubt that this is a subject anywhere in the world until you reach college, unless that has changed at the time of writing this? Is there a conspiracy by the financial institutions to keep a stranglehold over everyone, by owning them through credit cards, loans and mortgages?
It is possible to get out of debt once and for all and stay out of debt if you have the right helping hand every step of the way! The internet is already a vast untapped wealth of potential for earning money which people is starting to harness which is another way of moonlighting some extra income in on the side to get out of debt even quicker.
So How do I Become Debt Free you May Ask???
My answer would be a question in return. How long did it take you to get into the drowning debt situation you are in right now?? Was it overnight?? I doubt it.
Back in the day I was in the debt hole for over $600 000, that’s right six hundred thousand dollars. My goal was to get out no matter what it took. Years later I am debt free because I kept the discipline and managed my debt until today i owe no one nothing … My only oulay each month are utilities and normal living expenses all paid for cash!
Sure took me a few years to get out of debt, and because I am debt free today consider me sort of an expert after being threaded through every unpleasant situation that can happen to you when you are so deep in debt you are scared to answer the phone or open up your mail…
Managing Your Money to Get out of Debt!
The worst case scenario is for any of your accounts to end up at a collection agency. First of all the harassment of a debt collector is stressful, and after a while you become even too scared to answer your phone or even open your bills. To top it all your credit rating gets tarnished, and later when your debts are cleared you may need to go through the rigmarole of repairing your credit score. When your income circumstances change and you can no longer manage your debt anymore it is time to work out a strategy to get out of debt before you reach the point of no return.
You Could Talk to your Creditors?
You will be amazed at how flexible many credit institutions are. Most of them will readily be prepared to renegotiate a payment rate or restructure the account for you. They will naturally prefer to d get some form of payment rather than no money at all. If you do manage to get your account sorted out in this way you must stick to the new agreement otherwise you may really be in trouble.
You Could Try Debt Consolidation?
There are different ways to consolidate your debt but you need to be sensible about it and do your sums first…. Equity home loans; consolidate loans, and one account loans are offered by dozens of financial institutions ready to help you. If you feel you are disciplined enough to make sure you do not fall into the same debt trap again, then you should consider investigating this route BEFORE it is too late. Once your credit score is tarnished it is going to make it so much harder.
This is not as hard as it sounds. With the internet there are huge possibilities of earning extra money and all you have to do is work them diligently. If you are really deep in debt then no doubt you will have the will to make things work for you whatever you attempt. Research the different avenues and methods of earning money on the internet carefully before you get involved.
You MUST Keep a budget
Best way of managing your money to get out of debt is to keep to a strict budget. People are too busy or even too lazy to do this, and pay bills as and when they come haphazardly not knowing what they owe , what interest rates they are paying etc. Knowing beforehand what your monthly expenses are lets you manage income and expenditure wisely. Paying debts when they are due also saves you interest, and over long periods this is a whole lot more than you think. Best of all go the route of becoming debt free and get out of debt forever is one small step at a time… Start your own get out of debt journey today on the long Road a step at a time……