Merry Christmas and a Happy New Year’s worth of Debt

by Steven on December 29, 2011

If you’re like most American’s you just on a yearly “Merry-go-round”. Each year you make your New Year’s Resolution to lose weight, quit smoking and get out of debt. But year after year you find yourself either in the same place as last year or maybe even worse off.

In this posting I’m going to specifically talk about DEBT. Because debt is probably one of the most devastating problems that a family can face.

Debt is one of those things that kinda sneaks up on your and before you know it…you have a mountain of debt and you feel like there’s no way out.

I’d like to first start with the question “How do we get into debt?”.

Most of us are just trying to go after the “American Dream” we are becoming mature adults and we want to start having things, nice things!

But just like most things in this world we soon find out that it takes money to get those things. But there’s a solution to that problem right?

CREDIT! Buy It Now…Get It Now…Pay for it later! Uh-O!!!!!!!!!!!! After a few years of doing that many of us find ourselves with a lot of stuff but no money in the bank.

Throw a mortgage, student loans, auto loans, insurances, household necessities on top of that you have a huge mountain of responsibilities that must be met before any of your paycheck can actually come to you to keep.

Get married and have some kids you’ll have a tougher time keeping your head above water.

This past Tuesday I was on a local radio show talking about how debt can destroy families and I was surprised at how many people that called into the show had actually given up on getting out of debt.

There were individuals that had filed bankruptcy some years ago and they were in debt again.

So if you are looking to make 2012 a year to remember by getting your financial house in order…here are the steps you should take to get out of debt faster!

Here are the 7 Steps to getting your financial house in order…

1. Stabilizing your household situation – you’ll never be able to pay off any debt if you can’t ensure that you and your family has a roof over your head, food on the table, utilities paid and transportation to and from work.

2. Set-up a budget – you’ll never understand how to management your money unless you know to the dollar what’s coming in and what’s going out.

3. Put together a debt elimination plan – when you have a budget you can put together a strategy to pay off your debt faster because you see what’s in front of you.

4. Establish an emergency fund – this is very important because most people use a credit card for an emergency fund and that’s a problem. If you have cash on hand more than likely you’ll rarely have emergencies and if you do have one you won’t have to go into debt to take care of it. I recommend at least $500 to $1,000 accessible cash with no penalties if used. While getting out of debt.

5. Review for acceleration of your debt elimination plan – once you have the other steps on paper there are several options that will open up for settlement offers on credit cards, automobiles, payday loans, etc.

6. Action + Action + Belief + Concentration = Tremendous Results – nothing will happen without you taking definite action with belief you can accomplish your goals and a high level of concentration to keep you focused on your goals.

7. Start saving for life experiences…Fun, Retirement, Generational Wealth

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