Managing your Freedom from Debt

Debt seems to be a national pass time – what ever nation in which you nfind yourself. Lenders seem to benefit from convincing consumers to nstretch beyond what an income allows. Credit card companies can almost be nheard celebrating with each late payment that is chalked up or interest nthat is raised because of accounts in arrears.nnIt’s time to take our lives, and our financial situations, back into nour own hands. The only way this will ever be accomplished is when we nstand up – even if it’s one by one – and yell “no more debt.” Then it is ntime to drag our lives into the world of debt freedom.nnThe only way to get debt free is to quit acquiring debt. This usually nmeans cutting up credit cards, not carrying debit cards, and paying nactual cash for every purchase. You remember cash – it’s that folding, npaper stuff you use to carry in your wallet. If you limit purchases to nthis cash on hand, you will find that it is easier for you to make a nbudget and stick to the budget.nnThis leads me to the second step towards debt freedom. You need to nhave a list of all income and all expenses. Break it down by the way your nincome comes in – weekly, biweekly, monthly, yearly. Making a budget nwill get you to financial freedom in no time.nnIn the budget you need to include the debts you have incurred. Set naside an extra ten dollars a week (or what ever amount you can afford) nthat you can apply to the highest interest debt you have. Once this debt nis paid off, roll the money (the extra plus the payment amount) on to nthe next highest interest rate. Continue this stair step approach until nall the debts are paid in full.nnOnce you make your way to debt freedom, never go back. Lenders will nstill be lurking around waiting for your weak moment. Don’t be tempted. nRemember any thing that is truly worth having is worth waiting for. nSave, pay cash, and live free.