Start with a zero-balance budget; every dollar you earn has a job.
Next, save up a $1000 "baby" emergency fund.
Then you list ALL of your debts, from lowest balance to the highest. Attack the lowest one first and only pay the minimum payments on the others. Once you get that first debt paid off, apply that amount to the second one. Keep going and pretty soon you have a pretty big "debt snowball."
Yes, of course there is... but it will take some hard work and committment on your part.
There are people who can help and support you along your journey - but take heart - the end result is truly fabulous.
There is really no magical EASY way to become debt free....unless, of course, you are willing to file for bankruptcy. Becoming debt-free takes time and ALOT of determination. You need to determine what you can and can't live without. Make a list of all your expenditures and highlight all the expenses that you can eliminate...stuff like shopping and going out for meals. Take that extra cash each month and start paying down your debt. It's a long road, but a satisfying one!
hi. This is my answer to your question,
I would like to answer by first pointing to a difference between easy and simple. In my way of thinking, lifting a feather is easy while lifting a large boulder is difficult, or hard to do. But both of those are simple. Other things are complex, like building a space shuttle.
I believe there is no widely available EASY path to becoming debt free. I believe, however, that there are widely available methods for becoming debt free that are SIMPLE.
For example, the snowball debt reduction plan is simple and easy to understand. But it can be very, very difficult to actually execute because it requires determination and commitment in the face of adverse financial pressures.
So, aside from winning the lottery, I don't believe there is an EASY way to become debt free. But I do believe there are SIMPLE ways to become debt free.
I would like to answer this by first distinguishing that there is a difference between REMAINING debt-free and BECOMING debt-free.
Remaining debt-free is when you maintain a debt-free status. Either you have never been in debt or you dug yourself out of debt.
You remain debt free by, obviously, not borrowing money, charging items on credit cards, or financing items. Essentially you should live within your means and build your savings.
There really is no "easy" way to become debt free. It's easy to figure out a plan for becoming debt-free but the actions do take some work.
The easiest way to become debt-free is to look at your total debt so that you understand how much you owe.
Then look at your current budget. Decide on a set monthly amount (the biggest chunk you can afford) that you will use to pay off a portion of your total debt. Eventually, if you keep up on payments you will diminish your debt into nothing and you will become debt-free.
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