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11 Simple Steps To Pay Off Debt |
Debt can be a real weight on your shoulders.
Even though some debts are worse than others (think high-interest, low-reward credit card debt), knowing some of your hard-earned money will go toward digging yourself out of a hole rather than building a brand-new metaphorical tower can be discouraging.
That’s not to say that you can’t dig out.
Here (in the images), we’ve highlighted 11 of the recurring debt-repayment tips and strategies we’ve learned from people who are no longer in the red.
Just remember, If you are experiencing unmanageable debts, you are not alone!!!
INFO:
Like it or not, we need credit. As we have established during and since the global financial meltdown of 2008, credit keeps the wheels of the global money machine well greased.
Concepts, such as buying a home, starting a business, or buying an investment property often could not become realities without some form of credit.
In fact, utility companies, banks, landlords and even employers often require credit checks before extending services or employment.
MORE INFO:
Debt management, by the standard financial definition, involves a designated third party assisting a debtor to repay his or her debt.
Many companies specializing in credit counseling offer plans to help people with heavy debt and damaged credit get their financial situation under control. A simpler definition could be the routine practice of spending less than one earns.
For all intents and purposes, however, it is a structured repayment plan set up by a designated third party, either as a result of a court order or as a result of personal initiation.
A plan to manage debt entails a series of steps, which the third party service works on with the help of the debtor. The first step typically involves compiling a list of all creditors and the amounts owed to each.
Some creditors are not eligible to be included in a debt management plan, and typically, secured debt such as car loans and home loans are not included.
Source: Business Insider
