How to reduce and eliminate your personal debts
Sunday, June 13, 2010 17:15Learn how to get rid of the tyranny of the credit cards!
Tip 1: If you have credit cards with debit …
1. Cut all your credit cards, leaving one or two.
2. Any other debts that you add to the card or cards you have to be paid monthly. Not incur debts in the long term.
Tip 2: Get real 150-200 extra each month. Now that you’re becoming more educated financially, this should be relatively easy to do. If you can not generate an additional 150-200 dollars a month, then your chances of financial independence may be just a dream.
Tip 3: Invest 150-200 actual additional monthly payment ONLY ONE credit card. You now pay the minimum MORE at the 150-200 actual credit card.
Pay only the minimum amount due on all other credit cards. Many times people try to pay a little more each month to their credit cards, but, surprisingly, these cards are never repay.
Tip 4: After the first card is completely paid off, then invest in the next card the total amount you were paying monthly that first card. You are now paying the minimum due to the second card PLUS the total monthly payment that was paying the first card.
Continue this process with all your credit cards and other card shops. For each debt you pay off, invest the full amount you were paying the minimum payment the next debt. As you quita each debt, the monthly amount you are paying the next debt to rise.
Tip 5: After all your credit cards and other debts are paid off shopping, continue the procedure with your car and house payment.
If you follow this procedure will be surprised with the time necessary to be completely debt-free. Many people can get out of debt in two or three years.
Tip 6: Now that you are completely debt-free, grab the monthly payments you were paying their last debt and direct that money for investments. Build your asset column.
