Is there anyone who doesn't want to be debt free? I think most people are beginning to associate the phrase "being debt free" with "winning the lotto" or "becoming president". It's something that sure sounds nice as you sit around joking with friends but you really don't expect it to happen. But, I'm here to tell you being debt free is easier than you think when you utilize some simple, but effective strategies and tools.

Think about it. Take about 20 minutes to write down all the things you can do if you were debt free. Vividly imagine each one. Imagine how good you'd feel about yourself for doing it. Think about the freedom and security that brings. What grand adventures would you take? What exotic places would you visit? What fun gadgets would it thrill you to own? How would things be different for you and your family?

First of all, just about anything involving your personal finances can be done by you. You don't have to hire some high-dollar accountant or financial planner. You certainly can if you want to and if you have a lot at stake, it wouldn't be a bad idea to discuss your ideas with one. If you're reading this on the internet on a home computer then you already have the tools you need to educate yourself to do this yourself.

Let's look at Debt Consolidation,Debt Settlement and Debt Elimination.

The theory behind debt consolidation is put everything you owe into one basket and make one convenient payment rather than multiple payments. Consolidating your credit card debt is not eliminating your debt unless you've stopping using your cards, found a much cheaper interest rate, and pay significantly more than the minimum monthly payment amount. Rarely do I see that being the scenario.

Debt Settlement companies offer to settle your unsecured debts on your behalf claiming they have the negotiating power you don't that will enable them to reduce your debt by up to 40%. First of all, if you get significantly behind on your debt, the creditors will automatically begin making settlement offers. You can make settlement offers yourself. You just have to be prepared to follow through with them. The Debt Settlement companies charge a fee for this service. If you are looking at doing this, and I don't recommend it, at least shop around and negotiate their fee. I've seen them reduce their fee from 15% to 11.5% just by telling them all that you've been offered a lower rate somewhere else. On a large enough sum of money that percentage difference is significant. If you're in debt do you really want to shell out another 15% to a company to help you?

In the Debt Settlement program they have you stop paying your creditors and begin paying this money into an account where you save it until it represents about 40% of the amount owed to one of your creditors. Once you stop paying your creditors at all they really begin to call you a lot. Research the laws in your state about stopping harassment calls, particularly at your place of employment

You can, and often are still sued by a creditor even when you've turned things over to a Debt Settlement company. The Settlement company will do little or nothing to help you. This is not their function. Unless you have a legitimate defense against the suit, such as the debt not being yours in the first place, and timely file your reply with such a defense, you can pretty well bet you're going to end up with a judgment against you. You will also want to check out the laws in your state regarding what they can and can't do if they get a judgment against you.

Most people don't want to be sued, have a judgment against them or file bankruptcy. What other options are there? Where do you turn for help?

I did what I typically do when there is something I need to know about. I spent time online and reading books to try to determine the easiest, most economically sound way to eliminate debt. I stumbled upon a technique by United First Financial that utilizes what they call a Money Merge Account (MMA). I also discovered that they charge a significant amount of money to allow you access to their software to assist you in managing your money in order to be debt free quickly. The way I see it, the last thing someone needs that is swimming in debt is another $3500 to shell out. Sure, the software will save you thousands, and may well be worth it, but it's that initial outlay that kills it for most. I know it did for me.

Between being frugal and just plain broke, I was determined to find a cheaper way. My research led me to this site. This site offers the software tools you need for 1% of the cost! My Debt Elimination Calculator can be downloaded and installed for free allowing you to try it out and generate estimates at no cost. However, the estimates that you generate cannot be saved or printed unless you purchase an activation code from them.

Greg, the owner of the site developed his software after studying the system the others use and reading books on the subject. I found him to be very accessible to his clients. He and I have emailed back and forth a number of times. I have purchased one of the books he used to gain his knowledge and it is an excellent source of information. The book I purchased is "How to Own Your Home Years Sooner Without Making Extra Interest Payments" by Harj Gill.

The system works best if you are able to utilize a Home Equity Line of Credit (HELOC) or some other type of line of credit. For some people, getting the line of credit may be the tough part, particularly if you've waited until you're credit is shot before thinking about doing something like this. If your credit is still strong enough to secure a line of credit I would seriously consider this system to pay off all your debts in the shortest amount of time and save thousands in interest.

Another thing that Greg mentioned in a recent conversation is that you really have to watch the HELOC's now. Make sure you shop around and make sure you know the terms. In today's market climate they are becoming strict.

I'm going to gather the information for you that I looked at that sold me on this system. You owe to yourself to do your own research on this. I'm not an expert on this but it makes sound sense to me.