15 Simple Debt Elimination Steps You Must Start Today!
By Vincent Dail
What Everybody Needs To Know...Learn The Truth About Debt Elimination!
Debt Elimination tips shows how Millions of Americans are living on the edge of financial disaster surviving only on the hope of next week's paycheck. The average American is dying under a load of debt, with little or nothing building in the bank or in investments.
Here`s how we have been taught to charge, charge, charge and promised Easy monthly payments by advertisers who seduce us into debt. So its no accident that the credit, finance and loan companies end up with most of our money, while we end up with all of the bills.
Debt Elimination Tips, shows how we've been misled!
See for the first time how the entire way our economy works, is designed to make you work yourself to exhaustion--simply to accumulate wealth for the companies you do business with--Not For You.
The most staggering example of this is a home mortgage. Say you bought a home with a 30-year conventional or adjustable rate mortgage, you will pay for that loan about THREE TIMES. Just multiply out your payment times 360 months and you will see that the total is about 3 times the value of the money you borrowed.
Say you buy a $250,000 home, with a $200,000 mortgage; you will end up paying about $600,000 over 30 years. This means that you will pay nearly $400,000 dollars in interest! Just for the privilege of using their $200,000.
That means that two-thirds of that total is interest. Interest is the profit the Mortgage Company makes for lending you the money to buy the house. And they feel that you should pay them back THREE TIMES. That's 200% interest!
Debt elimination tips -- Now let these words soak into your mind and heart: You will have to work...week after week...year after year...to earn FOUR HUNDRED THOUSAND DOLLARS---Just so you can give it to the bank to make them rich!
Debt Elimination Tips, Show's how bad it really is to use credit cards and to make only the minimum payments!
Suppose you bought $2,000 worth of furniture on a typical (19.8% interest with a $40 annual fee) credit card, and you paid only the minimum monthly payments requested by the credit card company (here's why they only ask for a minimum payment), it will take you 31 years and 2 months to pay it off.
Plus--In addition to the original $2,000 cost of the furniture-- you would have paid $8,202 in interest,(if you make the minimum payments) just for the privilege of using their $2,000! That's five times the furniture's value! Long after you had thrown the furniture out, you would be draining your wealth away paying for it.
Banks, finance, creditors and credit card companies have encouraged indebtedness.
According to a study by the United States Department of Health and Human Services, 96% of Americans never achieve financial independence. They end up depending on charity, family, government welfare or they're forced to keep working just to survive!
Debt Elimination Tips, Why turn your hard-earned money over to the credit card companies? When you don't have too. Follow a proven debt elimination plan!
A new survey by the American Bankers Association found that 45% of credit card holders with incomes between $50,000 and $100,000 never pay off their balances. Many others don't even make the minimum payments and fall behind on the interest. (Palm Beach Post, Oct 7, 1998)
Debt elimination tips shows how the average American will make over $1,000,000 in his or her working lifetime, and will have as much as 67% to 80% of their money Legally Stolen from them in the form of many different types of federal, state, local taxes and interest on borrowed money!
Are you tired of living paycheck-to-paycheck, month-to- month, making minimum payments, with little hope of ever getting ahead?
Debt elimination tips You Can Start Using Today!
1. Begin eliminating all debts.
2. Write down everything you purchase, determining where your money is going is half the battle on your road to becoming debt free and critical to your future financial success. Seeing it in black and white can give you a new perspective.
3. Pay cash whenever possible.
4. Cut up and cancel all your credit cards, Using a debit card instead of a credit card gives you all the convenience of a credit card but withdraws money immediately from your checking account, so you can not dig yourself back into debt.
5. Never fall into the habit of making only minimum payments.
6. Pay the most you can afford.
7. Put money-saving tips into practice, when possible shop at outlet malls, wholesale clubs and take advantage of coupons.
8. Avoid the trap of thinking in monthly payments.
9. Consider the total cost of purchasing goods and services on credit and compare that with cash savings. You'll pay cash every time.
10. Compare the interest charged on your debts with the interest earned on your savings and investments. You'll find it makes more sense to resolve all debts before beginning a savings or investment program.
11. Debt consolidation loans: be very careful your monthly payments will be lower, but you may lose in the long run, because those lower monthly payments will be spread over a longer period of time. If you don't change your spending habits Now, you could easily end up in worst trouble down the road!
12. Bargain for a better deal: Don't be afraid to negotiate with your creditors many will be willing to Freeze your interest on your outstanding balances in return for automatic monthly payments.
13. Avoid the Quick-Fix companies. Many will charge you a lot of money Up Front, but very few will genuinely help you in the long run.
14. Don't promise away your future income by cashing out part of your retirement savings early to pay down your current debt. You will have to pay Current federal and state taxes, Plus an early withdrawal penalty on that money. You are borrowing against your future, just to pay your current debts and to continue Living a lifestyle beyond your means.
15.Avoid filing for bankruptcy.
About The Author
Credit Repair Specialist is run by Vincent Dail. They review and then list some of the best credit repair and debt elimination programs available.