6 useful steps to eliminate debt

If you start piling up debt, it can cause significant problems for you in future. Acquiring debts is easy but paying off debts is quite difficult. Hence, it is important for everyone to try and eliminate debt . Becoming debt free is not an impossible task. You can make it happen only if you’re dedicated and take some time to do your homework. The following steps can help you eliminate debt really fast.

Step 1: Make a list of your debts

Prepare a list of all your debts. This should incorporate mortgage payments, credit cards, unsecured personal loans and any other type of debt. Thus, you can see how much you owe to your lenders.

Step 2: Select the bill with the highest interest rate

Choose a bill that carries the highest interest rate. No matter what the monthly payment for that bill is, try to pay 25% more than the minimum amount due.

Step 3: Increase your income

Try to raise your income so that you can pay that additional 25%. Go for a second employment, selling items on eBay, babysitting or delivering newspapers. Do whatever is possible for you to earn some more. If you can afford to pay more than the additional 25%, that is wonderful.

Step 4: Go on paying the minimum for other bills

Apart from paying down the highest interest bill, you should also keep on making the minimum payments for your other debts.

Step 5: Move to the next high interest debt

As soon as the bill with the highest interest rate has been paid down, use your money towards the bill that has the second highest interest rate and start paying it off. This would help you get rid of debt sooner.

Step 6: Achieve debt freedom

Just continue to do as mentioned in Step 5. Don’t stop till all the debts are paid off in this way and you become debt free.

You might have to put in some effort to get out of debt, but if you’re disciplined, you can definitely attain your goal.

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