Steps To Get Out of Debt

ADMIT IT, YOU'RE IN DEEP  DEBT.

ADMIT IT, YOU HAVE A PROBLEM.
 

GET RID OF ALL THOSE CREDIT CARDS, EXCEPT FOR ONE!
       Give this one to Grandma!

KEEP ONLY ONE OR TWO CARDS. 
One near it's upper limit is the best one to keep. 
Cut up all cards with lower balances
 

THINK OF YOUR TOTAL DEBT. 
DON'T JUST LOOK AT YOUR MONTHLY PAYMENTS. 
Do you even know how much you owe?

USE LOW COST DEBT TO PAY OFF HIGH COST DEBT.

PAY OFF LOW BALANCE ACCOUNTS.

DON'T CONSOLIDATE OR HOME EQUITIZE YOUR DEBT.

Unless, you send me the credit cards that you have or give them to your Dad or Grandma. Too often, I've seen these home consolidations used to  pay off the cards and then 6 to 12 months later the card balances are right back where they were. You must change your lifestyle before you can reduce your debt. Home equity loans can put your house in great risk! Credit card companies can hound and hassle but can't take your house, at least here in Florida and  I assume that's true in most states. 

LOOK AT MY TOP TEN INVESTMENTS!

What is number one? I'll bet I've been asked a thousand times: "Rick, what should I invest in?" I always reply in my lawyer type voice "Do you owe any money to MASTERCARD? VISA? SEARS? DISCOVER? Well, then  pay them off even if you have to liquidate some other investments." Note here that most lawyers always answer your question with a question but never give an answer! Well,

 I'm giving you an answer---
pay off those credit cards before 
you invest in anything!!

INCREASE THE MONTHLY PAYMENTS.
 With rates over 18% an extra $20 to $30 dollars a month in principal payments, can save you hundreds of dollars in interest and cut your pay-off years in half! $20 means taking your lunch to work just 4 times a month! One less movie this month! Cooking one more dinner this month!  See the for the worksheet that will show you  exactly how much you can save!

CALCULATE YOUR YEARLY INTEREST COSTS. 
PLAN HOW TO SPEND THE INTEREST 
WHEN THE DEBT IS PAID OFF! Try investing it!

REPAIR, DON'T REPLACE! 
CARS, APPLIANCES AND OTHER ITEMS.
WEAR IT ALL THE WAY OUT BEFORE YOU BUY NEW.

SEEK COUNSELING.
 

CALL YOUR CREDITORS
ASK FOR LOWER INTEREST RATES OR AN ABATEMENT
OF INTEREST. Watch for introductory credit card rates.
Read the fine print but sometimes, switching can save
you big bucks!

STAY AWAY FROM SHOPPING AND BUYING. 
Just flat stay home! 

BUY SECOND HAND BEFORE YOU BUY FIRST HAND. 
Shop the Fleas! Garage sales, thrift shops, Goodwill and Salvation Army. Here's another tip--go to these types of stores in affluent areas or neighborhoods. You'll be shocked and pleasantly surprised at the quality bargains you can discover. 

IF YOU CAN'T PAY FOR IT THIS MONTH, DON'T BUY IT!!

FORGET THE JONES'. DON'T TRY AND KEEP UP WITH THEM!

STOP BUYING GIFTS ON CREDIT. ESPECIALLY AT CHRISTMAS.

USE CASH, CASH, AND MORE CASH. If you don't have it, don't buy!

DOUBLE, DOUBLE, DOUBLE--THOSE PAYMENTS.

KEEP ON MAKING CAR PAYMENTS, EVEN AFTER IT'S PAID FOR! KEEP MAKING THE PAYMENTS TO YOUR "NEXT CAR FUND".

ENVISION, LIVING DEBT FREE! NO BILLS IN THE MAIL? WOW!

BUY WITH THE GREEN, TOUCH, FEEL 
AND LOOK AT EVERY LITTLE DOLLAR YOU SPEND. 
DON'T USE BIG BILLS, SPEND THOSE SINGLES, 
FIVER'S AND TEN'ERS--
IT GETS HARDER AND HARDER TO PART WITH THEM!

SHOP THE SWAPS.

TRY A TEMPORARY SECOND JOB.

BORROW FROM YOUR PARENTS, AT A LOWER INTEREST RATE. 
THEN GIVE THEM THE CREDIT CARDS TO HOLD.

PAYOFF ALL NEW CHARGES EACH MONTH.

USE ALL RAISES FOR DEBT REDUCTION.

PAY OFF ALL EXISTING PURCHASES 
BEFORE YOU BUY ANOTHER ITEM OVER, SAY $100.

AVOID WASTE--ABUSE--STATUS SEEKING-IMPULSES.

SPEND WITH A PURPOSE.

QUESTION ALL OF YOUR MAJOR EXPENSES
 INTEREST--TAXES--INSURANCE--REPAIRS--FOOD BILLS--ENTERTAINMENT.

START A SEARCH FOR A BUSINESS? OR A NEW JOB? OR ADDITIONAL INCOME METHODS. 

YOU MAY BE WORKING TOO MUCH--SPEND TIME MANAGING WHAT YOU HAVE AND MAKE.

HAVE A PROFESSIONAL REVIEW YOUR INSURANCE PROGRAM.
THERE MAY BE SOME CHEAP FUNDS 
AVAILABLE TO PAY OFF OTHER DEBT.

DON'T EAT OUT.

BE SURE YOU TITHE! I DON'T UNDERSTAND WHY, BUT IT WORKS!

DON'T BUY PREPARED FOODS.

DON'T BUY CLOTHES THAT NEED TO BE DRY-CLEANED.

DON'T GO TO THE MOVIES, RENT THEM.

IMAGINE YOURSELF OUT OF DEBT!

SEE YOURSELF OUT OF DEBT!

THINK YOURSELF OUT OF DEBT!

GOAL YOURSELF OUT OF DEBT!

WORK YOURSELF OUT OF DEBT!
CHALLENGE YOURSELF OUT OF DEBT!

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