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Tuesday, March 3, 2009

A Life Without Debt For Everyone

By India Moon

A life without debt! Have you ever thought about what that would be like? Could you get by without credit cards, without a mortgage and imagine not owing money to any bank or anyone? How would you handle trying to rent a car, spend a night in a motel or buy theater tickets online?

Listening to the news about the recession and the financial woes of our country and the world is pretty scary. Hearing about the job losses, the foreclosures on homes, the companies that are closing down is enough to make anyone feel very worried about their financial future. And for those of you who have already lost your retirement savings on the share market, you already know what it feels like.

Are you sick of thinking negatively? It only makes our stress greater and drains our energy. How about some positive energy. What can we do? How would it feel if you made a goal to start today living without debt? Would that give you something positive to get stuck into? Would you know how to begin? If not, I can help you with some good ideas

Burn your credit cards! Next step is to find a really cheap debit card. No fees if you can find one. Debit cards are great, you can only spend the money that is in your account, there is no credit on them at all. And if you want to pay for something online or book a hire car they are great for that too.

Now you need to pay off those credit cards as quickly as possible. The easiest way to get them paid off is to pay only the minimum payment each month on all of your credit cards except for the one with the least amount of debt.You must find extra money, more than just the minimum to pay off this one each month till its paid off. Choose the credit card with the next least amount of debt, add the money you were using to pay off the finished credit card, to the minimum due on the next one and use all that money to pay that credit cards down. Keep on like this till all your credit card debt is gone.

Construct a workable budget and stick to it. Pay for things with cash or your debit card only. Save an emergency fund and have goals and save for the things you need.

Living without debt will be so very wonderful for you. It takes away all the stress. It gives you feelings of security, knowing that you are rowing your own boat and are not owing anyone money. You will never be vulnerable again in times of boom or bust financial markets. It becomes a way of life that is so great that I don't think you would ever want to go back. Enjoy!

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