Get out of Debt Now and Earn Your Financial Freedom
Debt is not OK. It’s an especially bad idea in today’s New (and different) Financial Reality because now your financial future is your responsibility.
You can’t count on the government, your home’s equity, or even the stock market to provide for you in retirement..
We have been conditioned to believe that debt is a normal part of life. But crippling debt is not a necessary part of living the life of your dreams. It is, instead, a road to financial slavery. Debt should not own you; you should control your own life, and the actions you take should help you achieve your goals.
Even if you have just $5,000 in credit card debt at 13 percent interest, if you pay the minimum $100 each month, you’ll end up spending nearly $5,200 in interest and it will take you 21 years to pay off the debt. But if you pay an extra $25 a month, you’ll cut the payoff time down to four years, and your total interest expenses drop to $1,590! (Source: Vertex42; www.vertex42.com).
Instead of buy, buy, buy, and racking up more debt, declare your War on Debt! Learn to make wise purchases by taking the Checks and Balances Financial Success System™ approach. Weigh the pros and cons of any purchase before you buy. Always ask yourself whether a prospective purchase is a “want” or a “need,” and then make your decision. If you decide to buy, then make sure to get the best possible deal.
You can live within your means, save more for your future, and earn your financial freedom. It begins today with the decision to cut your debt. You can’t do it overnight. But even if you’re overwhelmed with outstanding bills, you can make a difference a little bit at a time, and it eventually adds up.
Some other things you can do right away to shrink your debt:
Sell the stuff you don’t need or use—have a garage sale, list it on eBay, or post it on craigslist, then earmark the cash you make to pay off debt.
If possible, work overtime or get a second job—even a few hours an evening at a fast-food restaurant works–and earmark that extra cash to paying off as much debt as you can.
Forget debt consolidation. In most cases, it’s a cop-out because it doesn’t help you kick the habit of accumulating debt. To get out from under your creditors requires a change in your mindset.