Pay off Debt

No one goes into debt without a plan to pay off debt. That was the bottom line for many years around the globe. Credit was hard to get and the consumer had to have a good reputation in the community, family dedication and a solid, no nonsense work ethic were paramount, also good business sense.

But, the enthusiasm for succeeding was pivotal and could make or break a deal. Today, a quick phone call to an 800 number, filing out a postcard sized document at check out or online sign-up and anyone can get credit. That’s a problem because not many have a plan to get out of debt once they are in it.

The best way to pay off debt is to think before you spend. Ask yourself do I need this? What will the benefit be? Of course then the most important question; can I afford this and if I can how long will it take me to pay it off? These questions will help you pay off debt in a timely manner without stress. The best formula I know of; you should be able to maintain your life style for 6 months in times of economic problems; loss of a job, health or emergency. All financial obligations should be on schedule, no excuses.

Next, all extra spending stops, no credit card purchases, none, zero, zip, no vacations, no new purchases. Do not create more debt when there is no way of paying it off. It’s that simple and quite necessary. Paying off debt is not a revolving door either, once something is paid off you DO NOT have extra funds to spend. Instead apply that money to other debts and get them settled. You can pay off debt and be debt free if you think before you spend.