Lifestyle – Living Debt Free
Living Debt Free
In 2008, we have established a basic set of core principles to guide our financial life. These include living within your means, paying off your debts, saving a percentage of your income and developing a spending plan to avoid putting yourself in debt again. Yet, how many of us really live by these principles? How many of us avoid debt at all costs so as to not incur large amounts of interest? How many of us exhibit the financial discipline to turn down large credit card bills before the problem gets out of hand? How many of us view bankruptcy as a final solution rather than a way out?
For some, we consider bankruptcy as a worst scenario. We view ourselves as a failure. If we file for bankruptcy, no finance company, no credit card company will give us any credit. We declare bankruptcy not because we have not learned, but because we have not “might” learned.
The two times I have filed for bankruptcy have been in voluntary bankruptcy where I signed papers knowing that I would lose everything,” but when I lost everything, I realized how futile it all was.”
Some of us see it in a different way. We read the bankruptcy laws and Ostraagund such laws that make it extreme difficult to declare bankruptcy if you have no assets. 신불자 대출 Why should you lose your home, car and personal belongings when you can’t pay your bills? What if you could pay your bills?
It turns out that we do not need extreme measures. The best defense is a good offense. Living Debt Free
First, get rid of the plastic! The little pieces of plastic in your purse or wallet are the cause of 90% of all of our financial problems. They get in the way of our ‘real’ wealth. They steal our hours of harmony and enjoyment in order to pay for stuff that we do not need and some that we cannot afford.
Next, stop paying late! This is probably the most important debt relief advice that anyone can give. Always pay your bills on the time that they are due. If you allow your bills to go a day or two past due, those late fees will multiply. Contact your financial institution once you know that you will not be able to pay a bill on time. Work with the institution to establish a customized plan that you can live with and pay on a timely basis. You will ruin your credit and have to include installment payments in your budget. This increases the debt that you owe, making it harder to become debt free. It may be challenging for some, but let us remember that what we are trying to do and what we have at our lives is better than what we have in our wallets. Living Debt Free
We should also be working with the debt elimination strategy that is right for us. Should we have an income of $5,000.00 a month, and our total debt is now $22,000.00, we should pay off $5,000.00 of the total first. This will eliminate the debt that we have. There is a psychological effect to paying off a bill that says you have accomplished something.
The question now is can we eliminate our entire debt, or will bills continue to increase due to a lack of interest and the consumer debt bubble that has been created as a result of our current economic status. There are answers to this question.
There should be no excuses for anyone who is serious about paying off their debts. Turn your finances around in one day. Stop paying late fees, stop robbing Peter to pay Paul every month and stop hemorrhaging your hard earned cash. Call your creditors today and find a customized debt elimination plan that will work for you.