Debt is the no. 2 objective (no.1 is weight loss) for New Year’s resolutions according to one survey, making up 52 % of all finance-related resolutions. Debt is a major pain in the butt. Its like drugs, you could get addicted if you are not careful. It makes you hard to sleep and wish tomorrow never come. Most people are just dead broke because they are in debt up to their eyeballs with no hope of help. However, debt must be paid off and I know this might sounds cheesy, but when there is a will there is a way.

I am not going to BS about this, but handling debt doesn’t come easy. Debt and credit are two faces of the identical thing—delayed payments. The huge difference is that debt is a liability to the man who owes it, but an asset to the lender.

When your debt is over 8,999 dollars, you know you’re dealing with a serious problem. Getting rid of a credit card debt needs consistency and discipline. Never leave those two words at home, especially for ladies. First thing first, do not use your credit card ever or apply for a new one unless you paid off all of your debts. Secondly, collect all your credit cards and analyze which one has the lowest amount of debt. This is important because the lowest amount of debt is your priority card (subject to eliminate). Then, pay off all the cards with the minimum payment except your priority card. The final step is to take all the money that you can spend to get rid of that priority card.

Once you have paid that targeted card off whatever the minimum payment really is on top of it that freed up from your payment. Go on to the next lowest amount and pay off your next card. This is a fast manner way to pay off your debt. Remember; don’t use a home equity loan or line of credit to pay off your credit card debt. Why? It is simply because credit card debt considered unsecured debt meaning there are no assets backing it up that the creditor can come after if you fail to pay what you owe. On the other hand, home equity loan or line of credit is secured debt. Your house is the guarantee. If you don’t make payment according to the terms of the loan, the creditor can legally seize your house as a method of obtaining payment.
Again, it takes a lot of will, discipline, courage and help or even miracles to kill that son of a debt monster. But this can be done. Imagine how much you could add toward retirement if you just did not have a stinking car payment? This is how the prospered prosperous. Debt is really annoying.

(bedbathandbeyond)(Handmade Soap)

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