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Getting out of debt

getting out of debt, credit card debt, loans,

finlitgal
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Getting out of debt

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  1. Getting Out of Debt www.lifethenfinance.com

  2. While your mountain of debt  may be daunting, it's possible to get to the top and clear your financial name! www.lifethenfinance.com

  3. Getting Out of Debt Credit Cards Bank Loans Mortgage www.lifethenfinance.com

  4. Step 1: Organize Your Debts Smallest to Largest • Pay only minimum payments and any left over money is directed to the smallest debt until it is paid off. www.lifethenfinance.com

  5. Step 2: Eliminate Small Balances First • If you have a card with a low balance, pay it off first. • Then reroute the money for that card’s payment to pay off cards with higher balances or a higher interest rate. www.lifethenfinance.com

  6. Step 3: Take Advantage of... Effect Snowball The www.lifethenfinance.com

  7. Step 4: Stay Focused Keep your eye on the your goal. And repeat the process until all the debts are paid-off. www.lifethenfinance.com

  8. Step 5: Avoid Skipping Payments Skipping payments will lead to many extra fees and harassment by debt collectors! www.lifethenfinance.com

  9. Step 6: Be Careful when Considering Debt Consolidation Companies There are plenty of scams in the debt consolidation industry. You are better off doing all the negotiations yourself. www.lifethenfinance.com

  10. Debt Consolidation • Getting a loan from the bank to pay off your credit cards can lower your interest rate. • Read the fine print on credit card offers that entice you to transfer your higher interest balances to them. • Debt consolidation is one more way you can get out of debt without using any more money than you started with. www.lifethenfinance.com

  11. Step 7: Use Windfalls to Lower Your Debt Any extra cash you plow into your debt will be multiplied when you think of all the money in interest charges it will save you. www.lifethenfinance.com

  12. IRS Debt www.lifethenfinance.com

  13. If you owe money to the IRS, make those payments your highest priority! www.lifethenfinance.com

  14. IRS Debt The Internal Revenue Service can: • Take your house • Empty your bank account • Have you arrested on criminal charges • Confiscate your business assets regardless of the fact that it puts you out of business • And much more! www.lifethenfinance.com

  15. Student Loans www.lifethenfinance.com

  16. Student Loans • Include the student loans as part of your debt snow-ball • Consolidate them to avoid multiple payments. www.lifethenfinance.com

  17. Car Loans & Short Term Loans www.lifethenfinance.com

  18. Car Loans and Other Short Term Loans • Usually carry lower interest rates than your credit cards. • To avoid having eternal car loans, make a plan to put some funds aside so you can pay cash for your next car. • To lighten the load of another car loan, consider a used car. www.lifethenfinance.com

  19. Mortgage Loans www.lifethenfinance.com

  20. Mortgage Loans • Assuming this is your remaining debt. Focus all your extra money toward the mortgage and pay-off your home early. www.lifethenfinance.com

  21. Bi-Weekly Mortgage Plans • With a bi-weekly plan, you pay approximately ½ of your regular monthly payment every 2 weeks. • You can pay off your mortgage 8 – 15 years sooner, saving you many thousands of dollars in interest! • You don't need approval from your mortage company, just send in an extra payment every month which will be applied to your principle. www.lifethenfinance.com

  22. Self-Reflection Questions: • Can I pay off some of these loans early without penalty? • How can I cut my expenses to speed up debt repayment? www.lifethenfinance.com

  23. Action Tips: • Make a written plan for paying off your debts and then follow your plan. • Consolidate as much of your debt as possible. • Pay off the smallest debt first. • When a balance is paid off, reroute that money towards another balance. www.lifethenfinance.com

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