If you organize your money and know how to and when to pay – you got a way out.
Help yourself by 90% to become debt free just using the steps published below:
1- KNOW what you owe.
Know and identify clearly what you owe. Create a debt list with details for example:
|
Name/Item |
Amount |
Interest rate |
Monthly Payment |
|
Credit card |
$5600 |
3% |
$680 |
|
…. |
… |
… |
… |
And identify which payment has the highest rate thus allocate the highest priority to it.
2- Avoid creating new debts.
When you are already in debt, do NOT create a new debt. Do the best – get a savings strategy.
3- Decrease your expenses by developing a clear strategy and try to increase your income.
4- Avoid using your credit card.
5- Create a list of items you plan to purchase and know how much you plan to spend on it.
6 – As soon as you develop a plan with your monthly income and expenses, you can set the good amount for paying your debts. Remember, as we discussed previously, adding an extra amount to your monthly debts payment can decrease the interest payment and save time.
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