Are you tired of fighting a seemingly endless battle with DEBT ? Do you dream of a day when you don't have to make any mortgage, car loan or CREDIT card repayments?
If you answered yes to either of these questions then you will need to take action to break free from DEBT and in order to do so, a DEBT elimination schedule is a must!
DEBT elimination should be the ultimate financial goal for everyone who has DEBT , whether they are in control of their finances or, are having difficulties. Needless to say, attaining financial freedom isn't always easy and it will take some effort, sacrifice and planning on the part of those wishing to attain it.
What is a Debt Elimination Schedule?
A debt elimination schedule is basically a plan of action, or statement of intent if you like, that outlines certain steps and goals that need to be achieved within a certain timescale.
In order to create a DEBT elimination schedule you will need to have an exact representation of your financial status. To do this you will need to create a personal budget sheet that will outline total INCOME against total expenditure.
To help you with this you will find personal budget sheets online that are free to download and will cover everything aspect of personal money MANAGEMENT .
The next step is to obtain up-to-date copies of your CREDIT report from each of the three main CREDIT bureaus; 'Experian', 'Equifax' and 'TransUnion'.
You are legally entitled to a free credit report from each of the three credit bureaus once every twelve months and the easiest and quickest way to do this is to do so online, so don't get scammed by online companies asking you for a fee for something you can easily do yourself and for no cost !
The reason you need your up-to-date credit reports is so you can check the status of your credit rating which will become very important during the DEBT elimination process as you will be able to obtain better terms and interest rates for consolidation LOANS which will be covered shortly.
Once you have completed these two steps it is time to compile your debt elimination schedule.
How Will a Debt Elimination Schedule Help Me Reach Financial Freedom?
Objectives are far easier to reach when there is a structured plan to follow and a financial plan is no exception, so needless to say a debt elimination schedule will help you reach your goal with fewer headaches and more quickly than if you didn't have a plan in place.
Your primary objective is to make as much money available with which to pay off your debt and the first way to do this is to target your personal budget, making as many cutbacks on spending as possible.
You will be amazed at how much you can save by buying cheaper brands, walking or using public transport instead of driving, being more energy efficient at home; the list goes on and on and not only will you MAKE MORE MONEY available to pay off debt but you will also reduce your carbon footprint in the process!
Your next goal should be to look at reducing the interest rates applied to your debt where possible. If you have credit cards, and let's face it who doesn't, these will usually have the highest interest rates applied to them and should therefore be targeted first.
There are many ways to lower the interest on your existing debt from credit card balance transfers to home equity consolidation loans and some will be more applicable to your situation than others. However, there is one method of reducing your debt that works better than any other and that is the use of debt consolidation loans.
Before you start making any firm commitments with lenders of DEBT consolidation loans or any other type of loan that will help you to eliminate your DEBT sooner it is always wise to do as much research as possible about other methods of debt elimination.
One such debt elimination method, that the financial institutions have kept quiet about for years, can have you clear of debt in as little as three years and is especially successful when used in conjunction with a debt consolidation loan!
This perfectly legal method of debt elimination, although old, is extremely effective at clearing debt and is not widely known simply because the financial institutions have kept a lid on it!
If you are determined to be debt free and to be so as quickly as possible then you must learn about such methods of debt elimination before planning your debt elimination schedule.
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