As a first look, people are happy, they can buy without having cash, and they can afford to get a car even without having the budget, etc. but they missed the best part, they will live and drive this car for 12 years to make payments and pay huge interests for what already impressed them!
Let’s take a simple example; you do not have enough money and you want to live, you need food, clothes… this is life! Serious reasons can be related to circumstances changes, you lost your job, health problems and you cannot afford to pay for the treatments, etc.
Unfortunately, and based on studies, people do not deal very well and take debt seriously, this leads to huge bills and debt accumulation, and long-term interest payments.
Are you drowning in debt? Or would you just like to be free of the debts you have? This helps you summarize your debts and create a Debt Reduction Plan that will show you how to pay off all your debts much sooner than you would by paying only the minimums.
Most people, unfortunately, do not summarize their debts correctly. They simply follow the debt period/time and pay off their debts without having a clear status of what is really happening behind the scene.
The secret to repaying debts quickly and saving on interest charges is to continue to pay the same amount each month until all debts are repaid. As one debt is paid off, apply that payment amount to another debt.
There is always a way to get out of debts especially if you organize your money and know how to and when to pay. If you follow the steps below, you can help yourself by 90% to become debt-free.
A few tips to help yourself out.
Last but not least, we have described the most important steps and advice for a debt-free living but for sure, this is not enough, you should always think in a convenient way, especially for larger purchases.