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Here is exactly how you can pay off debt fast, and how to save money as easily as possible – Enjoy! Add me on Instagram: GPStephan
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We’re going to start this video off with some very scary statistics…you’ve been warned, I hope you’re sitting down…because this is getting out of hand:
FIRST: Understand EXACTLY what debt you have.
Make a list and write down ALL of your debt, and include the remaining balance owed and the current interest rate that your paying.
SECOND: Track all of your spending over the next 30 days
You need to figure out, DOWN TO THE PENNY, how much money is going IN your account each month – and then, how much is LEAVING IT
- The first is Mint.com
- My second recommendation that I’ve used is PersonalCapital.com
- And third, you could also use a software called YouNeedABudget
The whole point of this is just to be aware of where your money is going, and from that, you can better figure out how to put best use to where it’s going.
THIRD: Make a NEED TO SPEND vs WANT TO SPEND LIST
Your “NEED TO SPEND” list might be the bare minimum food budget, your housing payment, your insurance payment, or anything else that’s absolutely ESSENTIAL.
Then, the other expense column will be your WANT TO SPEND…this could be anything else.
FOURTH: You need to REMOVE EVERYTHING you possibly can from your “WANT TO SPEND” category.
I also recommend, when doing this, that you consider SELLING some of the things you don’t need, or are costing you a ridiculous amount of money.
FIFTH: Look into debt consolidation
In addition to this, you could also look into getting a 0% interest credit card – and transferring the credit card balance to THAT card to save on the interest.
SIX: PAY OFF DEBT
The first method is called the SNOWBALL METHOD, popularized by the one and only…DAVE RAMSEY.
This method suggests that you pay off your smallest balance first, then slowly work up to your way up to the largest balance until it’s all paid off.
The next is called the avalanche method. Instead of arranging your debts by total balance, you arrange them from the highest interest rate first, to the lowest interest rate last. This ensures that you’re putting your money towards its best use, which will cost you the LEAST amount of money in the long term if you stick with it.
My recommendation is to check out the Vertex calculator…
SEVENTH: Pick up a side hustle
Sorry to be super obvious here, but if you literally don’t make enough – it doesn’t matter how much you save, you need to make more money.
And with all of this, YOU MUST DO ALL OF THIS CONSISTENTLY!
For business or one-on-one real estate investing/real estate agent consulting inquiries, you can reach me at GrahamStephanBusiness@gmail.com
Are Student Loans Revolving Debt, The FASTEST Way To Pay Off Debt.
Dealing With Debt – Working Out A Payment Plan
You should also discover how to send your payments on time to avoid penalty charges. You could ask your lender for a forbearance period. The card business earn optimum out of the revolving financial obligation only.
The FASTEST Way To Pay Off Debt, Play most shared updated videos relevant with Are Student Loans Revolving Debt.
Debt Management For The Future Of Our Children
IVAs are an alternative to insolvency, and come with much less destructive effects. Eliminating this debt initially is a great way to get you back on your feet.
Waking in debt is not something that anyone desires. Owning cash to companies that won’t stop hassling you with phone calls at all hours of the day is enough to make anyone tear their hair out. But as a debtor, you have a lot of options to set about eliminating your financial obligation forever. You’ve most likely seen all of the websites and advertisements online that will tell you they can clean your debt clean for just a couple of pennies. While these sites overemphasize exceedingly, there are ways you can bring your interest rate down and make your debt more manageable.
The very first thing you need to do is look at your debt. There are 2 kinds of financial obligation. Secured Debt is the very first kind. Secured financial obligation is financial obligation that is connected to collateral. This could be the loan on your house or vehicle. The second type of debt is unsecured financial obligation. This type of debt does not have security attached to it. This might be a charge card debt or a trainee loan. When you examine your debt, what kind do you have? Do you have secured or unsecured. There is a fantastic solution to your problem if you have unsecured debt.
You would not have actually paid back any financial obligations in real as you would have used borrowed cash to repay obtained money. However, all your confusing credit card calculations will concern an end. You will have to handle simply one loan provider, one loan account and one due date.
When it comes to your objectives in life, make resign Debt Free priority one. Numerous experts will inform you to list your financial obligations by rates of interest with the greatest rate of interest at the top. This does not work for many. You require to list all financial obligations from tiniest to biggest and pay them in that order. Each time you pay one off you will have the motivation to continue pursuing becoming Debt Free.
Charge card negotiations might be simpler since the financial obligation is long-term Revolving Debt. The lender wants you to keep their card and continue costs. It does not harmed to try utility business if you lag on their payments.
You could ask your loan provider for a forbearance duration. This will give you no monthly payment for a duration of time, but the interest will still accumulate on the debt.
Of course, the something you must do is stop excess spending, and start living within your ways. You need to find out to live on what income you make – and change your costs habits to keep you out of debt.You can do this. It will take effort to minimize financial obligation (and lastly eliminate debt), and might be attempting at times, however completion result is a debt-free life. And a debt-free life is well worth any small sacrifice you may have to withstand. Start today!
If you use credit card then high interest is likewise charged by you. This thing must be born in mind by you. The loan involves taking a single loan to settle the other loans. Do not attempt to flee from financial obligation.
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