Quote:
Originally Posted by ispf  dgorilla 7 Steps That Made Me Debt-Free
Here is a quick summary:
1. Stop adding any more debt (This one is self explanatory)
2. Know your personality (You need to know how much you are willing to push yourself without breaking down and giving up)
3. List your debt and sort it (Do you want to pay the least amount in interest or have the best psychological advantage?)
4. Negotiate lower rates or transfer balances (The debt will not go off overnight - so minimize the amount of interest paid)
5. Plan the attack strategy (based on 2, 3 and 4, determine what is the best way to go forward)
6. Implement the plan (Make as much of it automated as possible, so you dont have to keep worrying about debt - psychologically this was very helpful to us)
7. Periodically re-evaluate (Every now and then, return back and repeat 4 and check if 5 and 6 need to be modified) |
Good insight! In addendum to everybody's ideas, is to focus on things that earns money so you can pay your debts. This is one trial that you must face, and look for better ideas, and not think of going away with these debts, after all, you have enjoyed it sometime in the past. If you think
debt consolidation will help you better, so you will only be paying a lower interest rates, then, go for it. Last remedy would be apply bankruptcy, unless, you have other rich strategies to implement and make money in a spur span of time.
Good luck, and just believe. YOu will make it.