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Bankruptcy Marketing:;;;;Stop Debt
Stop Debt One Step At A Time
Stop Debt One Step At A Time
Family debt and for that matter small business debt is a very
serious threat to America. Unfortunately our government has
allowed and even aided financial institutions to commit loan
sharking against its citizens. If you happen to be late making a
credit card payment by one day you frequently find that the
interest rate on your credit card balance is has risen to as
much as 31 Percent. In addition the credit card company did
not even bother to tell you that they have raised your interest
rate. Last year to the tune of 90 billion dollars, credit card
companies made more money on penalties and late fees than
they did on interest payments. So how do you stop debt from
controlling your life?
In order to stop debt you must do one basic thing and that is
stop borrowing money and in particular stop using credit
cards. Proverbs states “The borrower is the slave to the
lender” Right now you are a slave of big financial institutions
and credit card companies. Next time you look in the mirror the
person looking back at you is a slave.
Do not give up hope as no matter how much consumer debt
you owe you can in most cases get off your back in a matter of
48 months or less. Remember step one is cut up your credit
cards and I mean all of them. If you need to have plastic money
in your pocket then use a debit card that is tied to your bank
account. Stop debt step two is to do an honest assessment
and budget with your spouse or business partner. This will
take time and will have to be done and redone many times
before you can fully realize where the money is going each
month. All parties must agree on the budget or the process will
not work.
You also must begin to live under your means but that does
not mean you will be poor. You need to set budget priorities
that include food, shelter, Transportation and clothing as the
highest priority. Credit card payments come last. Once this is
done then you need to work on setting up an emergency fund
to cover the cost of vehicle breakdowns or other emergencies
without using a credit card. This is a very important stop debt
step. This fund should be at least $2000. It is only used for
emergencies otherwise you do not touch it.
When you have a lot of debt it can be very intimidating. The old
question about how do you eat an elephant also applies to
removing debt; you eat the elephant and debt one bite at a
time. Check your budget and find the smallest debt. That is
your first target. Nest month you will make minimum payments
on all your other debts. The extra money that you save by this
process will be used to pay down the smallest debt. When it is
paid off you use this extra cash to pay down the next smallest
debt. You continue this process until all the debt is gone.
You will be very surprised at how fast this system will eliminate
and stop debt. At first the process will move slowly but with
discipline it will gather momentum. In most cases you can
eliminate all your credit card debt within 36 months or less. At
that time you can use the same principle to pay off your
mortgage. Again you will be surprised how quickly even a
large mortgage will be paid off just by using a larger payment.
You need to stop debt and stop being a slave to the credit card
and financial institutions. Once you are debt free you will be
surprised how quickly you will be on the road to wealth. All the
money that you used to pay to the credit card companies can
be used to purchase mutual funds and other investments.
Now your money is your slave and works just for you.
Stop Debt
serious threat to America. Unfortunately our government has
allowed and even aided financial institutions to commit loan
sharking against its citizens. If you happen to be late making a
credit card payment by one day you frequently find that the
interest rate on your credit card balance is has risen to as
much as 31 Percent. In addition the credit card company did
not even bother to tell you that they have raised your interest
rate. Last year to the tune of 90 billion dollars, credit card
companies made more money on penalties and late fees than
they did on interest payments. So how do you stop debt from
controlling your life?
In order to stop debt you must do one basic thing and that is
stop borrowing money and in particular stop using credit
cards. Proverbs states “The borrower is the slave to the
lender” Right now you are a slave of big financial institutions
and credit card companies. Next time you look in the mirror the
person looking back at you is a slave.
Do not give up hope as no matter how much consumer debt
you owe you can in most cases get off your back in a matter of
48 months or less. Remember step one is cut up your credit
cards and I mean all of them. If you need to have plastic money
in your pocket then use a debit card that is tied to your bank
account. Stop debt step two is to do an honest assessment
and budget with your spouse or business partner. This will
take time and will have to be done and redone many times
before you can fully realize where the money is going each
month. All parties must agree on the budget or the process will
not work.
You also must begin to live under your means but that does
not mean you will be poor. You need to set budget priorities
that include food, shelter, Transportation and clothing as the
highest priority. Credit card payments come last. Once this is
done then you need to work on setting up an emergency fund
to cover the cost of vehicle breakdowns or other emergencies
without using a credit card. This is a very important stop debt
step. This fund should be at least $2000. It is only used for
emergencies otherwise you do not touch it.
When you have a lot of debt it can be very intimidating. The old
question about how do you eat an elephant also applies to
removing debt; you eat the elephant and debt one bite at a
time. Check your budget and find the smallest debt. That is
your first target. Nest month you will make minimum payments
on all your other debts. The extra money that you save by this
process will be used to pay down the smallest debt. When it is
paid off you use this extra cash to pay down the next smallest
debt. You continue this process until all the debt is gone.
You will be very surprised at how fast this system will eliminate
and stop debt. At first the process will move slowly but with
discipline it will gather momentum. In most cases you can
eliminate all your credit card debt within 36 months or less. At
that time you can use the same principle to pay off your
mortgage. Again you will be surprised how quickly even a
large mortgage will be paid off just by using a larger payment.
You need to stop debt and stop being a slave to the credit card
and financial institutions. Once you are debt free you will be
surprised how quickly you will be on the road to wealth. All the
money that you used to pay to the credit card companies can
be used to purchase mutual funds and other investments.
Now your money is your slave and works just for you.
Stop Debt
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