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5 Ways To Be Debt Free
No CommentsMost people assume that the only way to have a good credit score is to live on their credit. This is a dreadful misconception. If one wants to build their portfolio, it should not be about how much money is given away to companies every month in fees and interest. A good portfolio should instead include the assets acquired through careful selection, savings and spending. Once a person is no longer in debt, they experience the wonderful feeling of freedom from the bondage of bills and unnecessary expenses.
Here are 5 Ways to be Debt Free.
• Know where you stand – Get your credit reports from the three reporting agencies once a year or more. Read them to make sure they are accurate, report inconsistencies, and contest anything inaccurate. If you can, come up with a debt settlement plan.
• Quit the card – Take some time to pay off your cards without making any more big purchases. If you are really serious in your effort to erase credit card debt, don’t use your card ever again.
• Live within your means –Sometimes it takes giving up the third vehicle or the second vacation to make this happen.
• Mortgage only kind of life – Once you pay off a car, drive it. Once you pay off your school loans, put the money away for a trip or new purchase.
• Save before you buy – Using credit cards gives instant gratification, however saving for a purchase builds up the feeling of pride-in-ownership and appreciation.
Simply following these 5 ways to be Debt Free will save you money in the long run and will keep you from being duped into an impulse-buy which you might regret later. Following these rules and teaching your children these rules will hopefully spread the good news that people do not need to live on credit. In fact, living without credit cards can be a very rewarding way to live.
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Published on · Filed under: Finance, Home and Family, Reference and Education; Tagged as: being financially free, debt, debt settlement plan, erase credit card debt, finance, financial freedom, free from debt