My Debt Relief Plan

Trying Out How To Get Debt Free

May 11th, 2008

I have personal experience about how easy it is to get into debt. I know from this experience that the sooner you correct your course the easier it is to find the right way on how to get debt free. It took me years, but I am finally out of debt. Just ten years ago my situation seemed completely hopeless. It is amazing that it is even possible to get that far into debt and then become free of debt.

It all starts when you are finally old enough to get your first credit card. Ironically, this is also about the time you enter college. What a good time to get yourself in debt. After this point I thought I had doomed my entire future to a life of debt. Even with a great job upon graduation, I could see now way how to get debt free.

The more I used my credit cards in college, the more credit card issuers that wanted me to have their cards. Since I had no extra money in college, I could use my credit card. My biggest mistake of all was using my credit card to get cash to pay for some things. Now that had a high interest rate! But, at least I was a well-dressed, well-fed student.

Unfortunately, even with a great job upon graduation, I was so far in debt that I didn’t get to dress or eat so well anymore. I was in my mid-twenties and I already had more debt than my friends who were buying houses. The biggest thing I learned is that you can get deep into debt in a few years, but it takes many years of sacrifice to get out of debt.

But, it shouldn’t take long to stop the debt from building up once you realize how bad it is getting. You just have to be serious about making immediate changes. The longer you delay taking action, the greater the obstacle you’ll have to overcome to get debt free.

The basics of getting out of debt is to pay off the highest interest rate debt first. It may seem obvious, but many fail to do it. Always pay more than the minimum. In fact, pay more than the amount of the monthly interest. If you don’t do this, you will only get deeper in debt. Prioritize all of your debts and make sure you pay them according to priority. If you just can’t make all of your payments, figure out how much you can pay. Then call your creditors and tell them how much of a break you’ll need to get them paid off in a timely manner. In most cases they will be helpful because you are showing an interest in paying them.

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Entry Filed under: Debt, Debt Relief, Settlements, Debt Reduction, Debt Consolidation, Blog Carnival