Debt is a slippery slope.
If you’re sitting with a pile of debt that feels like it’s growing each time you look at it, you’re not alone.
Our economic system is set up to put you in debt and keep you there for good.
But it’s not too late to turn it around…
These 2 steps can wipe your debt completely!
If you’re like most people, you probably don’t talk about your debt or your financial situation to anyone. Maybe you dress it up a little bit to your partner, but you certainly wouldn’t reveal that embarrassing information to your friends.
There are simple ways to get out of this uncomfortable state, though. With the right mindset, and some patience, you could be enjoying life on your terms.
With these 2 simple steps, you’ll be out of debt in no time.
Step 1 – Apply for a 0% interest transfer balance credit card
Most credit card companies are willing to take on your debt and allow you to pay it off interest-free for anywhere from 12 to 21 months.
If you shop around a little bit, you’ll be able to find the card that fits your needs in no time.
And I know what you’re thinking, “another credit card?” The difference with this credit card is that it has the possibility of encompassing your debt and any other cards that you may be paying outrageous interest rates on.
This step does require action. If you’re sitting there and you’re skeptical of opening ‘another’ credit card, then keep paying off your debt that could have anywhere up 25% APR.
Also, note that if you’re only making the minimum payment on these high interest rate loans, then your financial hole is only getting deeper and deeper each month.
Step 2 – Create your financial rejuvenation plan
Ok, so you have your 0% interest transfer balance card. Your balance has been transferred and the timer has begun.
It doesn’t matter if you were approved for a 12-month interest free period or a 21-month interest free period, the time to act is now–before you even receive your card in the mail.
Your financial rejuvenation plan is what’s really going to cure your financial woes.
Put everything you can into paying off your balance before your interest free period is over. This is your one break to get away from evil cyclical debt.
If your debt is $4,000, and you have a 16-month interest free period, don’t just pay the $250 a month it comes out to, pay $350. Make a plan for where you’re going to funnel this money from.
For example, you can start meal prepping for work and you’ll quickly find out that you could be saving close to $80 a week. There’s $320/month right there.
Whatever it is you need to do, be sure to attach a dollar figure to it. Make it clear to yourself that you’re sacrificing something specific to pull yourself out of debt for good.
You’ll be much happier long-term, and this financial accounting technique can be used in the future to help prepare for retirement or save up for other things.
Stop paying the credit card and loan companies outrageous interest rates and start taking big chunks out of your burdensome debt by taking action with these 2 steps.
