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Eliminating Debt in 5 Easy Steps

May 23, 2008
Debt is at the heart of the wallet. From the time young children are taught about money, they see commercials, advertisements and signs all around them telling them to charge everything they could ever want on credit cards, with loans and lines of credit. From cars to homes, there are few things that are bought today that can be paid for outright. This creates debt and the need for debt elimination and becoming debt free.

Debt elimination is the art of taking a life full of debt and moving that life past the point of owing and into the point of owning. Debt elimination can mean less stress, an overall happier life and more money in your pocket. Here are the top 5 tips to debt elimination and becoming debt free.

Cash Rules - We are a society that thinks debt free means not owing the full balance on our credit cards. This is a distorted idea of debt free life. When you purchase something new, training yourself to only buy what you can pay for in cash today is the best debt free choice. Debt elimination starts by changing the ideas you have about money, not about the definition of debt free.

Lose the Credit Cards - Those controlling credit cards can go out the door from the first day you choose to be debt free. Life in the debt elimination mode does not mean charging less money no a card, it means paying for everything and charging nothing. The only way to ensure the debt free lifestyle and eliminate debt is to remove the lure of the credit.

Never Pay Just the Minimum - The minimum payment on a credit card will often leave you in debt longer as opposed to creating a debt free life. The debt elimination of credit card money owed means paying off those balances. The minimum payment is not there for a debt free person, it is there for a person that does not mind making monthly payments for a long time to pay off a balance. Debt free means zero balance and that is going to take higher payments and more frequent payments and debt elimination.

Don't Think Monthly - Too many people think about life in monthly payments. Debt free means leaving those monthly payments behind, so think total cost and stay on the debt elimination path.

Do Not File Bankruptcy - Businesses who are going under file bankruptcy, not the person who wants to be debt free. Eliminating debt for good requires learning how to live day to day in a cash only world. This can not happen if the debt free nature of out lives is given to us.

Our lives are so very filled with the need to have more of everything right now that we have forgotten about the debt free nature of life. We expect to live debt free when we are young, but then fall into charged and owed debt, thus making debt elimination seem like it is too far away to grasp. Our debt free lives depend on living everyday with a total cost mindset and the heart to live with what we can afford right now, thus making debt elimination a new beginning.
About the Author
Learn more about how you can get started on the path to becoming debt free and financially independent. Our free tools and resources can help your family to escape the financial strain that bad credit can bring.
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