How to Become Debt Free

In today's consumer society it is all too easy to get into debt. If you have a few credit cards, car loan, mortgage and possibly student loans it can easily add up. If your income is reduced for any reason you could find yourself in serious financial difficulty.

Your goal should be to become debt free. It is possible but will require a major change on how you think about money. You will also have to change your spending habits and spend less money than you make each month no matter what. If you have a tendency to over spend, limit your spending by relying on cash instead of credit cards or store cards. Set a monthly spending budget.

Next you need to pay off your high interest unsecured loans, credit cards and store cards. You can use a debt consolidation loan or if you own your own home, get a home equity loan. A debt consolidation loan enables you to replace all your current high interest loans and credit card debt with one low interest loan which can cut your monthly repayments by up to 50% and put money in your pocket.

Debt consolidation is a very useful tool if you know what you are doing and understand how you got into debt in the first place. It is all pointless if you continue with your old spending habits as chances are you will end up in even more debt in just a few years.

For more information on debt consolidation and becoming debt free see Get out of Debt

(c) Noel Hynes, 2005. Reprint rights granted to copy and publish this article as long as the article and by-line are reprinted intact.

---

Credit Counseling ? Signs That You May Need Help

Credit counseling is a viable option for those who are... Read More

New Bankruptcy Law Makes it Harder to Stop Foreclosure

On October 17, 2005 President Bush's sweeping bankruptcy reform law... Read More

Slowing Spending - The Key To Your Debt Plans Success

Anyone who embarks on a debt reduction program should know... Read More

4 Simple Ways to Solve Your Debt Burden

Getting Behind Getting behind on your debts owed can be... Read More

How to Protect Yourself: Debt Collections

So you are getting collection calls? You're desk is full... Read More

Is There Any Way To Get Out Of Debt?

In this era where we are bombarded daily with commercials... Read More

Debt Problems? You Can Negotiate With Your Creditors

It is always possible to negotiate with creditors ? even... Read More

Debt Consolidation and Personal Finances: Learn the Truth!

An inability to manage credit, growing debt and bankruptcy are... Read More

You Can Make Financial Resolutions Anytime

The New Year often brings with it a desire to... Read More

Debt Elimination Is The Key to Financial Freedom

If you want financial freedom, the first thing that you... Read More

Debt Relief -- Why Most Programs Have A 75% Failure Rate

Debt consolidation, equity loans, credit counseling, debt management plans, even... Read More

Debt Recovery Can be Easy

OK, so you are up to your head in debt.... Read More

Learn How to Get out of Debt

Debt is becoming number one problem in the United States... Read More

Craving For Financial Freedom

Have you ever felt trapped in a Rat Race and... Read More

Bank Like a Banker

The business of banking has changed dramatically over the last... Read More

Individual Voluntary Arrangements- A New Alternative to Bankruptcy

This May, the Department of Trade and Industry in the... Read More

Five Major Ways to Save Money

There are two main roads to improving your personal finances:... Read More

Budget the Luxuries First!

Strictly speaking, his advice was preceded by another Heinlein maxim... Read More

Debt Settlement -- Why the Critics Are Wrong

After October 17, 2005, a lot of people are going... Read More

The 5 Secrets to Getting Out of Debt Fast

As they stare down at a teetering pile of bills,... Read More

Bankruptcy Reform: Designed to Protect Big Business

Who will benefit from the new bankruptcy reform laws? The... Read More

A Debt Elimination Process Must Be Initiated From You.

The first and maybe most important step in a debt... Read More

Should You Join a CCCS - Consumer Credit Counseling Service for Debt Relief and Financial Freedom?

Do You Need to Join a CCCS - Consumer Credit... Read More

Pay Off Your Student Loans and Reduce Your Debts

Financing a college education is one of the more expensive... Read More

Dont Drown Your Debts, Manage Them!

Are you among the millions of people who have found... Read More

Currency Trading Fee Concept

Troubles with Global Economy; Do you see future problems with... Read More

Yes to Less Debt

Feeling stressed by the amount of debts you have? Three... Read More

Credit Card Debt & the Unfairness of the Universal Default Clause

Let's look at a real world example: A woman purchased... Read More

What You Should Know About Bankruptcy

Filing bankruptcy is not only a last resort legal action;... Read More

Drowning in Debt? Tips and Tricks for Getting Out of Hot Water with Creditors

Do you, like millions of other Americans, feel like you're... Read More

Do It Yourself Debt Relief

With mounting bills and unforeseen hardships, you may be considering... Read More

Reducing Debt Before Its Too Late - How to Avoid the Pitfalls of Creeping Debt

Reducing debt usually isn't a high priority for people until... Read More

How to Become Debt Free

In today's consumer society it is all too easy to... Read More