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7 Steps to Eliminate Debt
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7 Steps To Eliminate Debt – Page
7 Steps To Eliminate Debt
Many Americans today find themselves in large,
seemingly insurmountable amounts of debt. They
ignore the problem until it threatens their financial health
and has huge negative effects on their life. Learn how
to take control now and eliminate your debt by following
these seven easy steps – and the best part is that it
won't cost you a dime to do so!
1. Use Common Sense
People fail to realize how much they have already
spent, and before they know it, they're maxing out their
credit cards on a monthly basis. The best way to know
just how much money you are spending is to pay for
everything in cash.
This means using credit cards only for emergency
purposes, such as unexpected car expenses and medical emergencies. By paying with cash,
you will gain a higher appreciation for every hard-earned dollar.
2. Stop Impulse Buying
Do you really need that item? Instead of buying it now wait a week and see if you still want it.
If you want to freeze your debt, you must freeze your spending.
3. Develop A Plan
There is an old saying in the financial world: If you fail to plan, you plan to fail. This advice
applies to everyone, including family households.
Start by developing a road plan that will take you to debt-free zone. You need to know how
much your total debt is and how long it will take you to pay it off given your current payment
The next process involves establishing a budget. List all your revenues and keep track of your
expenses. This will give you a better idea of how much money is coming in, how much money
you're spending on different activities, and whether or not you can sustain your current
Once you know exactly how much you're spending, it's time to cut back on unnecessary
expenses. Take a close look at each expense and determine which ones can be eliminated.
You can then use that extra money to lower your debt.