Drowning in Debt? Get your Life Back!

By: Heather Giles

Most Americans owe several thousand dollars of unsecured debt. The source of this debt problem comes from people constantly overspending their budget. They soon find themselves living paycheck to paycheck with foreclosure and vehicle repossessions only a couple of paychecks away, if that far. Debt problems create tension in the home, family stress, and can lead to divorce if not addressed.

The only surefire way to eliminate debt involves changing how you think about money and spending. You must adopt the mentality of a Navy Seal on a top-secret mission to succeed. Finance companies make millions of dollars from middle class Americans, and profit from those who can afford it least for years now. The madness must stop.

To eliminate debt, take a hard close look at your finances. Include the candy bar at the corner gas station. Add up everything you spend money on and label them by their importance to you and your family.

Then take your bills. You know how much you spend for power, phones, entertainment, Friday night pizza. See how much money you can save by trimming these costs. Eliminating debt requires some sacrifices. Navy Seal, remember?

Save on gasoline costs by eliminating extra trips to the store. Turn off the cable/dish service. You need that monthly fee to pay on your debts. Keep your power bill and water bill in check. Use only the minimum you need to live. Think Navy Seal. If you add these savings up, you could find an extra 50-200 a month you just added to your income. This additional income will become your vehicle to eliminate debt.

Now take the smallest debt you owe. How long have you paid on it? Probably way too long and the finance company thanks you for being such a good customer! You have found your first casualty in your eliminate debt quest.

Take the extra income you found and apply all of it to the first bill. Do this until the first bill shows a zero balance. Do not deviate from your course. Do not give up. Be tenacious in your quest.

Once this bill no longer exists, sit back for a moment and revel in your victory. Accomplishing part of your goal requires a celebration to acknowledge the fact. Enjoy the magic words "Paid In Full". Give yourself a present. Take your family out for a nice dinner. Buy yourself a new outfit! The idea of rewarding yourself only fuels the desire to complete your goal.

Take the money you no longer send to the first bill and start applying it to the second debt, the next victim in line. Do this over and over until you become debt free. This concept works. You can do it.

In order to fully enjoy life, you must learn the life skill of living within your means. The amount of money you will save by not handing it over to the finance companies will surprise you. Family vacations, buying new cars with cash, splurging on new clothes without paying interest on them become goals within your grasp. The struggle between income and expenses becomes nonexistent once you do not owe creditors. You no longer need to work as hard as you did before, it becomes a choice. When your income belongs to only you, you will never need to visit a finance company for a loan or own another credit card during your lifetime. Freedom from debt will give you the best feeling in the world.

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