Debt Free in Seven Steps
May 23rd, 2006 EST
Got debt? You’re not alone. According to The Motley Fool the average American’s credit card balance is over $8,000. In 2001 we paid $50 billion in finance charges, and 1.3 million people declared bankruptcy.
As dismal as that sounds, credit card trend tracker CardWeb.com reports that over 55% of Americans either do not own credit cards or pay their balances in full. That means that a minority of Americans with huge credit card debts have skewed the average upward. Fortunately, you can save yourself.
Ready to destroy your debt? Here are seven steps to get out of debt. There are no complicated calculators or special tricks – getting out of debt takes common sense and willpower.
1. Write Down Your Financial Goal
2. Determine How Much Debt You Have
3. Develop Your Debt Management Plan
4. Negotiate, Eliminate, or Consolidate Debt
5. Automate Your Debt Payments
6. Monitor Your Debt Elimination Progress
7. Live Debt Free
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