Thinking about reducing debt ?
Well, it sucks to be you but I'm alright!
You see, I'm not about trying to "get rich". I've got my act together. I have money because I make money, I have money because I love money, I have money because I save money AND I have money because I don't owe money. Believe me, I'm definetly not thinking about reducing debt right now
Yeah sure I've had my hard times but I took action. The
right action to make things happen. One of the things I did was study all I could about a situation like reducing debt and get as much information as I could find about reducing debt.
But I'm going to be the first one to tell you. If your not willing to get off your lazy butt and take action, you may as well go back to searching for the latest gossip about some crazy
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Paying Off Your Debt By Chester Bowles
The I refer to here is Consumer that is linked to the acquisition of lifestyle comforts, whims or desires.
This type of debt can really leave you with economic insecurity and a limited financial future is best avoided. Entering into for business reasons or to accumulate assets is often necessary and indeed wise as long as it is part of a well thought out Business Plan or Investment Strategy.
How start Paying off debt.
If you have any non-mortgage debt, loans, credit card etc. take 10% of your income and use it as an extra resource towards paying off debt. Get those debts paid down as quickly as possible because each day you have them they cost you more and more money, unfortunately this the wonderful principle of compound interest working against you.
Paying off could be the best investment you ever make.
Although you are paying off debt, if you look at it another way you are really making an investment. It may also prove to be the best investment you ever make.
For example:
If you have credit card and the interest rate is 18% per annum and if you pay it off, you are saving yourself having to pay out that extra 18%; which is just the same as getting an exceptional return of 18% on an investment.
Frightening non-monitory interest.
I have noticed that there is a lot of advice about paying off with the high interest first and even some advocating the paying off with lowest interest first. I suggest that both consolidating suggestions are flawed.
The
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debt with the highest interest has not necessarily got a percentage after it. What you must pay off is the that can cause you the most harm if it remains unpaid and that could extract a frightening non-monitory interest.
If you do not pay your rent or mortgage you could be evicted from your home.
Moneylenders can, via County Court Judgements apply for an order for Bailiffs to take your possessions and sell them to recover any defaulted payments.
Prison sentences can be handed out for not paying income tax, council tax, and child support.
If you have borrowed money from less reputable sources you can be threatened with violence or worse if you fail to meet their payments.
Chester Bowles (1901-1986) said, “There can be no real individual freedom in the presence of economic insecurity”
You do not need to be a successful businessperson or entrepreneur to have a free lifestyle that gives you that economic security. Such financial freedom can all be attained by simply paying off debt.
You are free to reproduce this article. In return please always attached the following links: You are invited to visit www.financialdignity.net and www.family-life.eu My mission is to provide useful pearls of wisdom for the enhancement of life and the elimination of debt. We have e-books, books, articles many of which are FREE.
Additional
Resources
Obtaining a Debt Consolidation Loan to Control Your Credit Card Debt By Thomas Erikson Many people in the early years of the 21st century have found themselves dealing with serious debt problems. More often than not these men and women are Read more...
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Additional
Resources
How To Avoid Debt What I’m about to share with you are strategies you should use to get your self out of dept and stay there. It’s really hard to Read more...
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