Three Step Debt Elimination Strategy That Helps Eliminate Debt

With everything we do as we study our debts, we need a strategy to eliminate our debts. In a healthy way it can be accomplished. What is meant by healthy way? Not using companies that could and could not be a scam. With the growing debt in the world, there are companies who thrive on the weak. Having your own strategy is important to any debt elimination. There are only a few steps to a basic debt elimination strategy. These steps are:

1. Set a monthly amount of money- With the money you get from working, set an amount aside to pay for debts. This could be from $20 to $100 depending on your circumstances. When you set aside money for your debts, you are working to the recovery of your debt and like few people in the world be debt free.

2. Limit monthly spending- No you cannot eat that Big Mac from McDonald’s and you can’t have that favorite burrito supreme at Taco Bell. Limiting the monthly spending is part of the debt elimination strategy. By buying frugal toys, you can go from debt free to bankruptcy in an amount of months.

3. Pay more on high interest debts- The debt elimination strategy includes you paying a little bit more on the high interest debts you have. By paying more, logic tells us that they will be paid off sooner. This is true. Focus on using the extra money as a payment to the high interest debts.

There are many strategies you can venture into. Be wary of the different strategies and see which one is the best in your situation. You can become debt free if you have the ability to limit what you are currently spending.  Becoming debt free does not happen overnight. So don’t get sad when you find out that you have only eliminated a few debts after a few years. Depending on the debt it could take many years.

There are people who can help if you are unsure of what the process is and how to work it according to your finances. Seek out qualified debt elimination experts and draft up your own personal debt elimination strategy. With knowing your strategy from the beginning, you are able to pay off your debts and not use the extra money to get into more debt. Debt elimination is possible. Don’t worry too much on the steps and focus on the action of the debt elimination strategy. As Nike says, “Just do it.”