Maintain your old Siemens Hipath system

Debt Elimination 3

Planning To Achieve Debt Elimination

Once you have started the process of changing your debt mindset to be against taking on consumer debt, then that is something you need to continue until it becomes the norm in your life. In some ways it is like stopping smoking; trying on will power alone is not enough, you need to get to the source of your problem and permanently change it. That is why self hypnosis can be successful with stopping smoking; it reaches the subconscious mind and re-educates it. With debt elimination, it is the same; to succeed permanently you need to have changed the way your mind works, not just consciously, but sub consciously too.

In parallel to changing your mindset, you need to plan your debt elimination strategy. This will depend on you precise financial situation: your level of debt, monthly income, monthly commitments, overdue debts and so on. So, I cannot make specific suggestions for your circumstances, just give a few pointers to what you can do to head down the road to debt elimination. You may well get some benefit from debt counseling or financial planning advice at this stage, but that depends on you.

Your chances of achieving debt elimination within, say, 5 years, will depend a great deal on your own efforts, so if you can get through this part alone, then that may strengthen your chances of success.

Budgeting For Debt Elimination

You need to take a long hard look at your present financial situation and how it is likely to evolve into the future. For debt elimination to succeed, you need to be in control of your finances and keep your finger on the pulse all the time.

The starting point should be a list of your monthly outgoings. If you are unsure of any item, then monitor it for a month to see. For example, you may not know exactly how much you spend on food and other items from the grocery stores each month. Just keep a record of them for a month to see what your monthly expenditure is, but in the meantime use your best estimate.

You can then compare your monthly outgoings with your net income, and this will be the basis of your budget as you develop a plan for debt elimination. You also need to compile a list of your debts; how much is outstanding, what the monthly payments are, and what the interest rate is.

As an example, let us say you have a net monthly income of $2500, and your total outgoings, including debt and credit card repayments, are $2300. This means you have $200 to spare. With your new, anti debt mindset, you want to use that $200 spare to get your most expensive debts cleared first. There is a good chance it is the credit cards that are most expensive, so you can target the most expensive credit card ie the one with the highest interest. You owe $600 on that card, so in 3 months you can clear it. When cleared, you can move on to the next most expensive.

Depending on your debt level this could be a long process; that's why you need to plan it out and see how you will cut down that outstanding debt level over the coming months and years. So long as the total debt level is reducing, you are heading in the right direction.

Also, take a close look at those monthly outgoings. Are you sure there's nothing that can be cut out or reduced? Of course there is, unless you've already gone through that process recently. Be ruthless with this new mindset of yours; it really is worthwhile, knowing there will come a day when you don't have to worry about the odd few dollars here and there. Highlight those budget items that are unavoidable, and make sure you pay those first every month, or at least have the money earmarked.

If you rank your debts in order of interest rate cost, and go for the highest first, you can work through them one by one. Need a morale boost to get you off to a good start? Then choose the loan with the least outstanding, and clear that first. It may not be the best financially, but if it gives you that quick satisfaction, so the sacrifice may be worth it.

Debt elimination is not going to be an overnight happening. You need to be prepared to plan for a few years. 5 years is always a good period to plan for in business, and can be too in your personal life and finances. You may be amazed at the transformations you can achieve in 5 years. But above all, you need to maintain that anti debt mindset. After all, that is what will bring you to the debt elimination pinnacle.

In the next article, we consider what to do if there is really no spare in your monthly budget.

This debt elimination planning article was written by Roy Thomsitt, owner and part author of the Eliminate Credit Card Debt Now website.

In The News:

Tokyo could be hottest Olympics ever - and the 'brutal' toll on athletes makes it a dangerous game
Sat, 31 Jul 2021 03:47:00 +0100
Tokyo is hot in the summer. That's why back in the 1964 Olympics they shifted events into October and the athletes enjoyed pretty much perfect temperatures.

Four-time Olympic gold medallist Simone Biles withdraws from another two Games finals
Sat, 31 Jul 2021 03:19:00 +0100
Simone Biles has pulled out of another two Olympics finals, USA Gymnastics has said.

Briton among two killed in 'suspected drone attack' on tanker in Arabian Sea
Fri, 30 Jul 2021 12:47:00 +0100
A British security guard was among two crew members killed in what a UK source described as a suspected drone attack on an Israeli-linked oil tanker off Oman.

Satellite images show devastation caused by wildfires in Turkey, as 'sabotage' can't be ruled out
Fri, 30 Jul 2021 23:34:00 +0100
Satellite images have shown the devastation caused by deadly wildfires raging across southern Turkey.

Human remains found are missing British hiker's, DNA test confirms
Fri, 30 Jul 2021 10:06:00 +0100
Human remains found in the search for a missing British hiker have been confirmed as being hers, a charity says.



tikatoshop.it

Erfahrungen mit Pallhuber Wein
Agen Bola SBOBET Terpercaya

Travel in comfort and at your leisure with CT Airlink Limousine & Car Service for top quality private transportation and exceptional customer service. We operate Sedans, SUVs & Vans for CT Car Services to covering all Connecticut airports including Car Service from CT to Newark Airport , Mohegan Casino Uncasville CT, Foxwoods Casino Mashantucket CT, Manhattan Cruise Terminal NYC, Brooklyn Cruise Terminal NYC and Bayonne Cruise Terminal NJ. CT Airlink hire licensed and friendly chauffeurs who have in-depth knowledge of the Areas.

Should You Join a CCCS - Consumer Credit Counseling Service for Debt Relief and Financial Freedom?

Do You Need to Join a CCCS - Consumer Credit... Read More

Budgeting and Debt Management

Debt management (specifically unsecured) is the first step to taking... Read More

How Do I Lower My Debt Burdens?

How do I lower my debts?There are several ways of... Read More

Questions to Ask a Credit Counseling Service about Debt Relief

Debt relief is a topic on a lot of consumers'... Read More

Debt Management Systems

What is a debt management system, and when do you... Read More

Free Quick and Easy Money Saving Tips ? Part 2

Although many consumers would argue differently saving money doesn't have... Read More

Debt Collectors; And what you can do to Get Them Out of your Life

FTC opinion letter on validation Section 809(a) of the FDCPA,... Read More

Repair Bad Credit Yourself

In March 2005, the U.S. financial services industry succeeded in... Read More

Take Careful Consideration Before Filing Bankruptcy

Filing bankruptcy is not fun! It is a last resort... Read More

Bad Credit Home Loan To Get You Out Of Debt

A "bad credit home loan" can help you climb your... Read More

Individual Voluntary Arrangements- A New Alternative to Bankruptcy

This May, the Department of Trade and Industry in the... Read More

Eliminating Credit Card Debt

The overwhelming task of eliminating your debts can often seem... Read More

Is There A Way Out Of Your Debt Problems?

Do you have multiple debts? Do you have just one... Read More

Reduce Your Debt With These 5 Tips

It's never pleasant to realize that you're in financial hot... Read More

Debt Negotiation and Debt Settlement

Debt negotiation and settlement can give you a drastic reduction... Read More

You Can Make Financial Resolutions Anytime

The New Year often brings with it a desire to... Read More

Creating A Realistic Budget

Budgeting -- ooh, what a scary word! If you want... Read More

Debt Relief -- Why Most Programs Have A 75% Failure Rate

Debt consolidation, equity loans, credit counseling, debt management plans, even... Read More

IVA: Individual Voluntary Arrangement

What Is an IVAThe IVA (Individual Voluntary Arrangement) was introduced... Read More

Five Hot Tips To Get Out Of Debt Forever

The financial and psychological burden of being in debt causes... Read More

What You Should Know About Bankruptcy

Filing bankruptcy is not only a last resort legal action;... Read More

Credit Card Debt Freedom is Possible

Credit card debt have you drowning financially? You're not alone.... Read More

The Credit Card Debt Termination Scam

"Legally terminate credit card debt! You can be debt-free in... Read More

Whatever You Do....Dont Save Money!

No, that's not a misprint. Even though falling interest rates... Read More

Getting Past The Idea Of Budgeting & Saving Money

I'm sure you'll agree that budgeting, saving money, and eliminating... Read More