Debt Relief - 3 Things You Are Probably Doing Wrong
Debt is introduced to us at a very early age and most of us grew up with the idea that it was okay to have debt - even desirable.
Get rich schemes tell us all about how we can buy properties with no money down(which means with other peoples money) and then make a huge profit by flipping them.
Banks hardly even check our credit details before extending us credit and teenagers have credit cards and personal debt before they even understand money.
Everywhere we are being hit with messages to spend spend spend.
And when we do we find we don't have enough money, that we must use someone else's to keep up and ultimately that we must pay huge interest rates to service that debt.
It's natural to get into debt, every single part of society is scoped towards you giving money to someone else.
Don't feel bad about the situation you find yourself in - but don't live with it either.
Burst out of your debts.
FIrstly you need to understand the level of debt you have, and how much it is costing you.
Consolidate all your debts into one low interest loan if at all possible.
You will pay a lower interest and you will always know EXACTLY what you owe.
Secondly, control your spending.
When you go to buy something ask if it is really necessary.
A loaf of bread and a block of cheese will cost you ten dollars.
You have lunch for a weak sorted out right there and it's much better than paying for a fastfood burger every day - healthier too.
Always ask yourself when you buy something - "Is this something I need?Will this help me out of debt?".
If the answer is no to both options then hold onto your money.
There are thousands of ways to cut down your spending, but this is the key one - just ask yourself if you really need to buy it.
Finally - increase your income.
Doesn't that sound easy - well in reality it actually is.
How many hours do you work a week - can you increase it?If you increase that then you increase your income.
How much are you paid - can you increase it?If you get a 5% raise you have 5% more money in hand to pay your debts.
It is almost mindbogglingly easy to increase your income.
The key is actually committing your time and effort into doing it.
make accumulating wealth the number one priority.
You can drop the extra hours or job once you are out of debt, or you can keep it and start piling up some savings.
Get rich schemes tell us all about how we can buy properties with no money down(which means with other peoples money) and then make a huge profit by flipping them.
Banks hardly even check our credit details before extending us credit and teenagers have credit cards and personal debt before they even understand money.
Everywhere we are being hit with messages to spend spend spend.
And when we do we find we don't have enough money, that we must use someone else's to keep up and ultimately that we must pay huge interest rates to service that debt.
It's natural to get into debt, every single part of society is scoped towards you giving money to someone else.
Don't feel bad about the situation you find yourself in - but don't live with it either.
Burst out of your debts.
FIrstly you need to understand the level of debt you have, and how much it is costing you.
Consolidate all your debts into one low interest loan if at all possible.
You will pay a lower interest and you will always know EXACTLY what you owe.
Secondly, control your spending.
When you go to buy something ask if it is really necessary.
A loaf of bread and a block of cheese will cost you ten dollars.
You have lunch for a weak sorted out right there and it's much better than paying for a fastfood burger every day - healthier too.
Always ask yourself when you buy something - "Is this something I need?Will this help me out of debt?".
If the answer is no to both options then hold onto your money.
There are thousands of ways to cut down your spending, but this is the key one - just ask yourself if you really need to buy it.
Finally - increase your income.
Doesn't that sound easy - well in reality it actually is.
How many hours do you work a week - can you increase it?If you increase that then you increase your income.
How much are you paid - can you increase it?If you get a 5% raise you have 5% more money in hand to pay your debts.
It is almost mindbogglingly easy to increase your income.
The key is actually committing your time and effort into doing it.
make accumulating wealth the number one priority.
You can drop the extra hours or job once you are out of debt, or you can keep it and start piling up some savings.
Source...