I’ve been completely debt free for years, Here’s How

When you are deep in debt it can seem like you will never be able to be free from it. With a bit of knowledge and determination, it’s possible to get out of debt although it will take some time. Here we will look at ways to get debt free, and to keep yourself from getting into more problems in the future. If you want to know more about getting clear of debt, read more at debt free life.

The first step to clearing your debts is to get into the right frame of mind and organize your finances. Use a pen and paper or create a spreadsheet to show your income and your expenditure. You should also note how much you owe on various loans, and what the rates of interest are. The most important step to becoming debt free is to pay of those with the higher rates of interest first.

Alternatively, if you owe to a lot of different creditors, it might be a good idea to see if you can take out one loan at a good rate, and use this to pay back on all the other loans. You can also try contacting those you owe and see if there is any chance you could negotiate a better deal.

The next step is to ensure you don’t fall back into old habits once you have cleared all the debts you owe. You should destroy any credit cards which have high rates of interest. Consider a debit card instead, so this way you can’t spend more money than you have. If you need to buy something big, consider saving money towards it instead of buying on hire purchase. Even if you can’t afford to buy it outright, by saving up a large deposit you will get a better deal.…