Be Debt Free

lilcavazfam


I understand there are tons of companies out there who offer debt settlement programs. Some sound alright, others have been extremely annoying - after the only thing I really wanted was a consultation and some help understanding the program to begin with, they would not leave me alone!!! (Must work off commission). Anyway, I thought about negotiating with my credit card companies on my own, and one agreed (almost) to a 50% reduction. Sorry this is getting so long, but anyway!!!… How the heck do I pay that lump sum at once? When negotiating on your own, can you also request that discounted balance to be payable over a certain amount of months? Or should I just go ahead with a debt settlement company so I can make payments over 2 or 3 years? If I had a huge $4000 cash wad (like needed for the debt reduced 50%, which is only 2 of my 5 cards) then I probably wouldn’t have such a financial problem. lol But I don’t have that kind of money all at once up front..so any suggestions!?

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Colin S. Wood


To become debt free as quickly as possible you need to make it a top priority in your life. Debt can cause a great deal of problems that go beyond financial and therefore investing in some form of debt relief and finding an effective way of managing your money is crucial. Sometimes one of the best ways to learn proper money management skills is to visit a professional who is qualified to teach you everything from how to manage household expenses to how to pay off your mortgage without going broke. A money manager is a person who can help get you on a mortgage program and teach you many of the ins and outs of debt free living.

Too much debt can result in the loss of a job, a house, and can even ruin marriages and families. The stress of “getting in too deep” with debt can bring with it health problems such as high blood pressure and the fear of a heart attack or stroke. If the stress of money worries is starting to affect other areas of your life, then it is time to seek out help to become debt free.

What you need to do is to formulate a plan. Think of it as your own unique debt program. You need to control your debt and not let it control you. To do this you need to devise a budget that you can live with and one that is within your reach. If you can do this on your own then great, if not then you will need to seek out a money manager. Talk to family members and friends and get referrals.

Sit down and carefully review all of your options in regards to budgeting and then be strict with yourself when you draw up a weekly or monthly budget. Show flexibility while still making it possible to pay your mortgage in a timely fashion. Figure out what your monthly bills are as well as what your monthly expenses are and then take it from there.

Once you have managed to find effective methods of cutting back your expenses in your daily life, then you will need to find ways to decrease your bigger debts, such as your mortgage. This puts you on the debt free path. Resolve in your own mind not to create any new debts for yourself. If you want to buy something such as a new television or a new coat, set aside money each pay day for the purchase instead of being hasty and charging it on your credit card. Remember that credit cards are meant to be paid in full every month. They are supposed to be used in place of cash at the moment. Never charge an item that you know it will take months to pay off. The high interest rates will put a dent in your quest to be debt free with no mortgage. You must work every day to lower the amount of debts you have. Work diligently to stay within the budget you have devised for yourself. Progress does not come in leaps and bounds but often in small steps.

Learn to be thrifty. Learn money saving tips and put them to work in your life. Find ways to cut expenses wherever you can. All of these things will pay off in the end if it is your goal to become debt free. Don’t be too harsh with yourself but do exercise discipline and self control. You can become the power behind your finances. Believe in yourself, work towards your goal and make it happen for yourself!