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Eliminate Debt And Live Life

Mar 6, 2008
The faster we are able to eliminate our debt, the happier we will be. This seems like a pretty basic concept. But eliminating debt is sometimes easier said than done. Lets go over a few tips for getting rid of or drastically reducing credit card debt to make our lives easier.

Large numbers of credit cards in our wallets, give us easy access to debt. Credit cards and debt are not real money. Every time you whip out that card, all you do is increase your stress, increase your debt, and decrease your ability to have a happy future and a secure life. It is important to change the way we think about debt, to eliminate the debt, and to change our spending habits.

While we have to admit that incurring the debt is our own fault, the credit card companies dont help. They have no vested interest in you eliminating your debt. They would rather you pay forever. They lure people in to buying things they dont need so that they can earn huge amounts of interest on large balances.

Remember, being a little short because you made a purchase of something that you wanted or needed is one thing. Being short, and having the credit card companies drown you in increasing debt for years to come is much worse.

The goal of eliminating debt is to make sure that you can get a good rate on things that you have to borrow. If your consumer debt is too high, you will have difficulty with getting a good rate on mortgages and auto loans. If your consumer debt is really high, and you have difficulty making payments, you may need to consider other options.

If you can avoid debt altogether, you have really dodged a bullet. A convenience card, or an emergency card is fine. I keep it at home in my desk drawer. It is used for emergency car repair, maybe new tires or other items I cant avoid purchasing. If you can afford your emergency expense in cash, then you are still better off. Debt elimination is not quit as easy as just avoiding the debt in the first place.

Destroy your credit cards, except for the one with the lowest interest rate. Begin a repayment plan starting with your highest rate card. If you get an offer to transfer your balance to a new card at a lower interest rate, take it. But keep on paying off the card even if you have to work more or spend less. Whatever you do, dont use the card!

It is vital to pay more than the minimum payment. Let your payments snowball, and you will eliminate your debt sooner. If you have 5 credit cards, make a higher payment on one, while paying minimum on the others. When that one is paid, apply the payment from the first card, to the next one.

Transfer your balance to a lower rate or zero rate card if you get an offer for one. Just dont use the card! Debt elimination is easier at zero percent interest.

Just imagine the feeling of freedom you will have when you no longer have to give up a large percentage of your paycheck to creditors, and you have completely eliminated your debt.
About the Author
If debt has gotten out of control and you feel trapped, there is a solution. Bankruptcy is expensive and costs more than just your money, it will destroy your credit rating for at least 10 years making it nearly impossible to buy a house or car. Learn how to Eliminate Debt And Get Your Life Back
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