There is no total debt elimination without repayment. When there are no debts to pay, you are financially independent. Do not put your hopes into some wonder program that can wipe away your debt. There is no such thing.
The right course of action is to reduce the unnecessary expenses, mange the budget wisely and start make savings. Do not put your hopes in the money from retirement plans or from life insurance policies because this can be very tricky!
It all starts with debt reduction because you should not reach retirement age with further debt to cover. The issue is that the retirement plan may not provide you with enough money to cover your expenses and you may end up penniless when you most need it. With a budget worksheet you could better determine which expenses are justified and which aren’t. Then you will realize that total debt elimination strategies require serious commitment and a great deal of involvement. You won’t be able to enjoy a debt free life if you have a gambling problem or if you have a shopping addiction.
A total debt elimination plan has to rely on the family income. Yet, you should take the unpredictable into consideration too, because in the context of the financial crisis anything is possible. What if you had to face unemployment? Would debt be easier to handle then? You need to pay great attention to this issue.
In case you decide to pay just the minimum amount for the credit card debt, it will take very long to make the repayment. It’s all in the interest of credit companies to keep millions of people like you tied to them.
In order to enjoy total debt elimination you should stop spending your budget in advance. Then, your inquiry on fees and interest rate should convince you whether to accept a credit card or not. The credit card should be chosen based on your borrowing habits. In fact, you could give up any borrowing habits that you may have.
You should have good management skills, plenty of determination and lots of resilience in order to cope with total debt elimination. Moreover, the consumerist trend is all the stronger and you have to resist it as well as you can. Don’t be afraid to work against your habits: you can do it!
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