Debt Free
Living debt free. For many this appears an impossible dream but it need not be. You see, to be debt free you need to understand a simple equation: Assets – Liabilities = Surplus or Debt. Simply put, if your assets are greater than your liabilities, then you are not in debt. Now, this is where it gets confusing, because you could be in debt to an individual party but if your overall asset base is greater then your liabilities then congratulations! You are living debt free.
But what if you’re not? How do you become debt free? Well, the simple answer is to increase your assets and decrease your liabilities. If you don’t own or earn enough, then earn more. If you owe too much, then reduce your debts. It is beyond the scope this piece to share detailed advice on how you achieve that increase and reduction but if you can make a start with those two thoughts (how can I increase my assets? and how can I reduce my liabilities?) then you are well on your way to living and becoming debt free.
Very Funny Debt Video…
By the way, as part of this questioning process you may decide to go for some sort of credit card debt elimination plan and you may end up wondering on what the methods for credit card debt elimination are. As they say, let’s take the bull by its horns and lay it all flat on the ground. There are generally 2 recommendations that are most common for credit card debt elimination: controlling the expenditures and consolidating debt. Let’s check both of these credit card debt elimination recommendations and check the list of things that you can do for achieving credit card debt elimination using these recommendations:
1. Control your urge to spend: The first thing to do for credit card debt elimination is to control your expenditures. Here we are talking about the payments you make using your credit card. Remember that the main reason being your getting into credit card debt is uncontrolled expenditures using your credit card. So if you are really serious about credit card debt elimination, this is one thing that will help in credit card debt elimination by preventing accumulation of further debt. Here is what you can do to control your expenditures: a. You need to stay away from attractive offers that are put-up by various shops and stores. Don’t buy anything that you don’t really-really need. After all you are looking for credit card debt elimination not supplementation. b. Leave your credit card at home. If you really-really need something, then you can fetch your credit card from your house. This will prevent you from yielding to the too-attractive-to-resist sale offers (that are actually there all the year round). This credit card debt elimination technique, again, works on the principal of “prevention is better than cure”. This will prevent unplanned expenses from happening. c. Prepare a monthly budget and stick to it. This is really a very important credit card debt elimination measure. This budget will form the basis of your credit card debt elimination plan. So if you deviate from your budget, your credit card debt elimination plan will go for a toss.
2. Debt consolidation: Debt consolidation or moving from high APR credit cards to a low APR one is generally the first step (the first reactive step) for credit card debt elimination. Here are a few things that you need to do: a. Do not go for the first balance offer you come across. Analyse various offers and choose the one that best suits you. This will be an important thing on you credit card debt elimination plan. Initial APR, Initial APR period and standard Apr, all need to be considered. b. Read the fine print on the balance transfer offer and check the terms and conditions on these. These might affect your overall credit card debt elimination plan. c. Compare other benefits e.g. rebates, reward points, etc, before you actually decide to go for one of the offers.
Credit card debt elimination is about proper planning and discipline. So make your credit card debt elimination plan and stick to it.
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This is a blog about Zero Debt. Our intention is to give you the very best and latest information about achieving zero debt. If you have any questions, please don’t hesitate to contact allenjesson AT gmail.com. Thanks, Allen
