Being in debt is a scenario that is not only haunting you; and it is not good to believe that it is normal since many are into it. Think about the burden lodged on your shoulder when you rise up in the morning and the first thing to do is to call friends and usurers to lend you money to pay your bills and accounts due.
The decision is yours. The truth is here – you are drowning with debts and it’s your choice to get out from there. Should you decide to, then you can consider these tips:
List down all your debts and all information about it. List the balances and the interest rates. This will help you plan out what to do with them and how to devise a repayment scheme. This is the first step in planning for repayment.
Set a goal to pay your debts. Setting a goal to pay your debts also means tracking how much you need to pay from the income you have. Be a goal oriented person who has the drive and power to reach the set goals. But make sure everything is manageable.
In setting the amount to pay the debts as part of your goal, you have to figure out first how much money should be allotted for debt repayment every month. This is your tracker and you can now visualize in how many months you can be debt free.
Of course, you have to admit the fact that it is really daunting to pay debts and it takes time to be free from it. Just be willing to carry the burden with the hope that you can really hit your goal and do not just ignore them.
Start paying. Many said that it is ideal to start paying debts with low balances. However, it would be ideal to pay the one with highest interest rates and then work way down. Make sure to have a minimum payment in every account.
Maximize your income. Do not just depend on the paychecks that you are receiving in a particular period. It pays to really find out ways. You can sell or bargain the items in the house that are no longer useful.
If you have two cars in the garage, then why not sell one of them so you can pool money for debt repayment. Use craiglist or amazon to sell stuff in your house. You can also find for another job or a part time job.
If you have heard about property investing even if you do not have money, then why not learn how to do it?
A lot have claimed financial success from investing on properties with higher resell value. There are a lot of ways to do this. Get a copy of this FREE Book and find out ways you can get away from debts by accumulating huge profit.
Free yourself from debts now. Earn more money!