Ridding Yourself of Debt Can Often be a Huge Struggle, but With Regular, Conscious Effort, it Can be Done.
By Muyi Shogbuyi
Owing money and struggling day by day to meet debt payments is considered a major source of stress and unhappiness. To be rid of debt, one has to make conscious efforts.
Use the following proven steps that can help you get out of debt:
1. Stop the Indulgence--The first thing to do in getting out of debt is to stop any more debt. Sounds simple, but the truth is, you can only "get out a hole if you stop going deeper." It takes discipline to resist the impulse that you've been used to. But resist it you must, to help your situation.2. Sleep on It--Before you rush to buy anything on impulse, stop and take time to think about it. Ask yourself: (a) Do I really need it? (b) Is it something I need to buy now? (c) Will it make my life easier? Buy the item only if you answer "Yes" to these three questions.
3. Pay Cash for Your Regular Items--Using Credit Cards for gas, food and utilities is an easy way to pump up your debt. Be prepared for these items and use cash instead. Using cash for your purchases has a way of instilling discipline. It's easy to buy on credit and make installment payments. But when cash is involved, you'd think twice, unless the item is of real necessity. Cultivate the habit of using cash.
4. Leave Home Without It--Take your plastic out of your wallet and put it away. Going around with your card with you only increases the temptation to use it. If you need to buy a high-ticket item like a TV, stereo, or computer, why not save for it and pay cash?
5. Bring Your Lunch to Work--You may not think much about this, but you'd be surprised how small amounts can quickly add up. $25 saved per month can be used to pay down your debt. $25 per month adds up to $300 in a year. $300 a year would give you close to $45,000 in 30 years when you factor in 9% interest. It's surprising how little money can add up quickly if you let it accumulate.
6. Pay More Than the Minimum--Endeavor to pay more than the minimum required by your creditor. By making only the minimum payment, you'll pay the minimum amount of interest. PLUS, the principal will be stretched out over the longest period of time. This is not to your advantage.
7. If You Need Help, Get it Fast--If you are deeply in debt and can barely make the minimum payments due, get help now. Consult with a credit counseling agency. They can help you negotiate your debt down, stop interest payment and consolidate your debts into one single convenient payment.
One national non-profit credit counseling agency is:
Consumer Credit Counseling Service (CCCS) 1-800-313-2227
Muyi Shogbuyi is an author with 20 years of experience in finance management. Send for details about his hot-off-the-press book, GET OUT OF DEBT NOW! START A DEBT-FREE LIFE OF PROSPERITY. Learn how you can get a FREE copy of his report, "How to Rebuild Your Credit FAST."
Visit his web site and learn how to eliminate your debt, have better credit, and put money in your pocket at the same time.
Muyi Shogbuyi MAS Enterprises 4753 N. Broadway, Suite 618A Chicago, IL 60640 http://www.wealthlink.com/masenterprises
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