Pay off debt fast

Something came up and your debt increased...

As my Murphy’s Law has it; at the worst possible moment something goes wrong during the month and an extra bill crops up. Maybe the car broke down, the dog became ill, the garbage disposal packed up or one of the hundreds of gremlins that strike when you need it the least. Have you got a back stop saved for this? I never did so I would borrow from peter to pay Paul as the need arose. This would result in debt collectors harassing me like crazy and was pretty stressful. This starts the dangerous spiral down into the pit of no return debt. It gets worse until you reach a point where your debt cannot be serviced anymore and then the wolves come. You have to stop it right now. Tighten the belt and get out the scissors to cut up a credit card today. Once you have got used to living without it then you are on the road to rehabilitation. Your freedom starts here.

So how do I become debt free you may ask???

 My answer would be a question in return. How long did it take you to get into the situation you are in right now?? Was it overnight?? I doubt it. I am in the hole for over $600 000. Yeah you read right six hundred thousand dollars. How about YOU???

Getting out of debt is a slow painful process

First important point when starting on the road to debt freedom is this. Don’t think too far in the future.  More likely than not it is going to take longer getting out of debt than getting into it.

Some situations try to force you to decide based on the outcome in the long term. This is rarely sensible. Of course, the long-term objective is valid, but if it is going to bankrupt you or your company or business in the short-term look for other options.

What the experts say.

Before even considering to start getting yourself out of debt you need grab a cup of coffee and sit down with all your latest bills in hand. In my case I had a total of 6 credit cards between me and my wife 7 loans , 2 clothing accounts, college bills, a book account, vet account,  two car hire purchase agreements, my mortgage,  and a few other bits and pieces. Although I knew it was bad it really frightened me when it was on black and white. Who said things looked better when they were written down. Bah….

And Then

Now you need to take a hard look at how much your income is each month and then subtract exactly what you need to survive. The essentials, Meaning food, mortgage payment, gas to get to your job, etc. This will leave you with disposable income. Now you should consider disposable income as money for entertainment, luxuries, and dinners out, fast food and so on. It probably looks a whole lot worse than what you think right now. You sit with three amounts, your total debt, total income, and money for extras. Now you have to work out a plan of action and the way you are going to start implementing it. The answer All disposable income needs to be plowed into debt. The luxuries enetertainment is all disposable right now isn't it!

 Look after your cents and the dollars will take care of themselves.

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