Tips On Becoming Debt Free

Can you imagine being debt free? Well, with a little time, effort, sacrifice, and commitment, you can become debt free.

The truth is, most people owe at least $10,000.00 in credit card debt alone, and even if you make a payment each month, depending on the finance charge of each card, you could make payments for the rest of your life and still not be debt free. Most people fall into credit card debt because it is so easy and convenient to buy with a card and not think about the 5% to 24% or more, charge that is added to the purchase. Many people never read the fine print on the credit card agreement that tells you exactly how those charges are added on a daily basis and can be increased at the company’s discretion.

There are many ways to tackle this debt problem, but all of them take a lot of commitment, sacrifice, and time. You did not get into all this debt overnight and it will go away overnight, but if you focus on a goal of being debt free, you can get there. There are many free debt consolidation programs out there to help if you feel you cannot do it on your own, but beware of ones that charge you.

First of all, take inventory of your bills. Make a list of every card, or bill, what you owe on them and how much each one of them wants for a minimum payment. Decide which one you want to pay off first, and instead of making the minimum payment on it each month try to double that payment. Sometimes, if you call the company, you can get them to reduce the finance charges, but don’t count on that because many of them will not negotiate on that matter. The main thing to remember is that should you miss a payment or two, they will then turn your debt over to another agency and sometimes it is very hard to track down the agency that actually holds your account at that point. I know this because it has happened to me and by the time I tracked down the original debt, each agency had tacked on their charge as well, increasing the amount owed to an outrageous amount.

Once you have made the decision to pay off your credit cards or debt, make it final by resolving to charge absolutely nothing more. This is not easy and will take a lot of sacrifice on your part, but is worth it in the long run. The point is, even if you double the payments to one card, you are not helping yourself at all if you continue to charge or obtain cash advances on another one.

Here is where the sacrifice comes in, once you have decided to become debt free, give up something, maybe one soda a day, or one snack a day, and use that extra .50 cents to go toward that credit card debt. It doesn’t sound like much, but over a period of a few months, it will add up and help you reach your goal a little faster. Make sure to make at least the minimum payment on all the other cards or bills as you are paying one off so that you avoid the collections agency fees.

Once that credit card or bill is paid off, then apply the same system to the remaining cards or bills and one by one, you can become debt free.

Now, let me say that in my case, one reason I got so far behind was because when my factory shut down, I had to take a job that paid a lower wage and there was just not enough money to cover all the debt I had gotten myself into, so sometimes, it is circumstances that put people in this position, not the way they handle their money. If this is the case, you will definitely need to call the credit card companies, cancel your credit on each card and negotiate for a lower finance charge.

It has taken me over 4 years to get to a place where I feel I may be able to begin paying off some of these bills and I am still struggling just to pay my monthly utility bills, but I am determined that one day I will be debt free. I have made many sacrifices and I have made the commitment, now, I just have to follow through on my commitment. It will still be years before I enjoy a debt free life but I am going to get there someday.

So, without wasting much time, contact the best cvv shop in your vicinity and get to know all about details regarding credit and debit card and select the one that suits your convenience as credit card will lead to debts while debit card has no such hassles.


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