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How to Become Debt Free

How to Become Debt Free

In today's consumer society it is all too easy to get into debt. If you have a few credit cards, car loan, mortgage and possibly student loans it can easily add up. If your income is reduced for any reason you could find yourself in serious financial difficulty.

Your goal should be to become debt free. It is possible but will require a major change on how you think about money. You will also have to change your spending habits and spend less money than you make each month no matter what. If you have a tendency to over spend, limit your spending by relying on cash instead of credit cards or store cards. Set a monthly spending budget.

Next you need to pay off your high interest unsecured loans, credit cards and store cards. You can use a debt consolidation loan or if you own your own home, get a home equity loan. A debt consolidation loan enables you to replace all your current high interest loans and credit card debt with one low interest loan which can cut your monthly repayments by up to 50% and put money in your pocket.

Debt consolidation is a very useful tool if you know what you are doing and understand how you got into debt in the first place. It is all pointless if you continue with your old spending habits as chances are you will end up in even more debt in just a few years.

For more information on debt consolidation and becoming debt free see Get out of Debt

(c) Noel Hynes, 2005. Reprint rights granted to copy and publish this article as long as the article and by-line are reprinted intact.

In The News:

Union Bank completes farm-loan waiver, relief programme
Hindu Business Line, India - Jun 30, 2008
MUMBAI: State-run, Union Bank of India, said on Monday that it has completed the implementation of farm loan debt waiver and relief scheme announced in the ...

Himachal government urges to Centre to look into debt relief ...
myHimachal, India - Jul 3, 2008
by MH News Network Prem Kumar Dhumal, the Chief Minister has asked for removal of numerous anomalies in the Agriculture Debt Waiver and Debt Relief ...

Central Bank gears up to implement loan waiver scheme
Navhind Times, India - Jul 3, 2008
... machinery for the implementation of Agricultural Debt Waiver and Debt Relief Scheme 2008, in letter and spirit, informs a press release issued here. ...

Banks in JK identify 34000 beneficiaries for debt relief
GreaterKashmir.com (press release), India - Jul 3, 2008
Srinagar, July 3: The third meeting of the Steering Committee of SLBC on monitoring progress in implementation of the Agriculture Debt Waiver/ Debt Relief ...

Corporation Bank issues certificates under Waiver Scheme
Moneycontrol.com (press release), India - Jul 3, 2008
Corporation Bank has commenced issue of certificates to the farmer beneficiaries of the Agricultural Debt Waiver and Debt Relief Scheme announced by the ...

SyndBank to waive Rs 1063 cr farm loan
Business Standard, India - Jul 2, 2008
Syndicate Bank is waiving agriculture debt amounting to Rs 1063 crore as part of the implementation of agricultural debt waiver and debt relief scheme 2008. ...

Debt relief Waiving, not drowning
Economist, UK - Jul 3, 2008
In Sikandrabad one farmer could not quite believe that the pink slip he had been given released him from 25000 rupees of debt. But others did not get the ...

CARICOM advised on strategy for debt relief requests
Caribbean360.com, Barbados - Jul 4, 2008
They do not have the instruments available to them to give debt-relief to middle-income countries," he said at the 29th Heads of Government Summit in ...

Dhumal writes to FinMin for debt relief anomalies
Business Standard, India - Jul 3, 2008
... has sought removal of numerous anomalies in the Union government's debt relief scheme so that majority of farmers of the hill state could be benefitted. ...

Syndicate bank extends debt waiver relief to 3.93-lakh farmers
Hindu, India - Jul 2, 2008
The bank said it is confident of completing the total process of handing over debt waiver and debt relief certificates to the eligible farmers latest by ...
Kerala banks display debt waiver lists Business Standard
all 5 news articles

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