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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.
The Standard, Hong Kong - Oct 5, 2008
Mortgage finance giant Fannie Mae says it will write off the debt of a 90-year-old woman who shot herself in the chest as sheriff's deputies tried to evict ...
Business Standard, India - Oct 3, 2008
The government today decided to ease the burden on banks on account of the farm debt relief package and subsidised short-term agricultural loans. ...
Farm lending comes to a halt Hindu
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The Punch, Nigeria - Oct 1, 2008
By John Ameh, Abuja Nigeria realised and saved an estimated N308.3 bn from its debt relief efforts after the Paris Club wiped off its $19.3bn debt in June ...
FG Spends N2.4 bn Debt Relief Fund on Education –W’Bank THISDAY
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SmartPros Accounting - 14 hours ago
The "Mortgage Forgiveness Debt Relief Act of 2007" excluded debt forgiven before the end of 2009 from taxable income. The relief package extends this ...
Express Buzz, India - Oct 4, 2008
THIRUVANANTHAPURAM: The Kerala State Farmers’ Debt Relief Commission, constituted to give the much-needed succour to the farm sector, is kicking off the ...
Express Buzz, India - Oct 3, 2008
PALAKKAD: The Deseeya Karshaka Samajam has demanded in a memorandum to Union Finance Minister P Chidambaram that some provisions in the Debt Relief Scheme ...
New York Times, United States - Oct 5, 2008
To relief indebted corporates and households from financial stress and restore their balance sheets to health, intervention in the form of targeted debt ...
Franchising.com (press release), CA - Oct 2, 2008
October 02, 2008 // Franchising.com // Rise Above Debt Relief, a nationwide sales organization offering debt counseling and relief programs is creating ...
MarketWatch - 14 hours ago
... which could impact the ability of the district to issue additional debt due to its Class B bond limitation; however, it will also provide some relief ...
MTV.com
Financial-Planning.com, NY - 18 hours ago
31, 2010, to finance relief efforts in the wake of Hurricane Ike. The Texas counties of Brazoria, Chambers, Galveston, Jefferson and Orange, ...
Relief for world money markets as US approves $700bn bail-out Scotsman
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