The secret is out, and a lot of people should be relieved to hear it: you really can become 100 percent debt free, if you really think about it. You see, it’s really a matter of digging down deep and deciding that you (italicize “want”) want to be out of debt. If you think that it’s impossible, then getting out of debt will be impossible. However, if you’re fed up with collection agency calls, low credit scores, and being denied for the very things in life that we all work so hard for, the time is now to really think about becoming 100 percent debt free.
There are some that argue that debt is a good thing, and the truth is that it can be. However, when debt spirals out of control, you will need to make sure that you are really getting yourself out of that situation before it gets worse. Even “good debt” like student loans can be bad if you have too many of them!
So how do you really become debt-free? Well, we’re glad that you asked! 🙂
First and foremost, you will need to make sure that you have a clear picture of what you owe. This might seem obvious, but a lot of people really don’t know how much they owe, and it can be hard to reach out and actually find out. You don’t want to end up paying for a huge chunk of your debts, only to find that you really didn’t handle your obligation in the way that you might expect. A lot of people might see their debts and think that they only owe 10,000, only to find another 5,000 that they overlooked. Trust us; you don’t want to find yourself in that type of predicament.
From here, you will need to pull your credit report and really look at it. This will help you still get a clearer picture of your entire financial portrait. You have to be able to look at your debts and then build a plan to cover them.
Keep in mind that this isn’t going to be something that happens overnight. You need to re-establish a relationship with your creditors. A lot of people think that they can run and hide from their creditors, but this isn’t the case. If you really want to become debt-free you will need to settle some debts and pay others outright. You will need to make sure that you dispute incorrect information from your credit report. These are two things that will help you raise your credit score over time. While you might have seen advertisements that boast about how you can boost your credit score overnight, the truth is that it’s really not the case at all. You will have to make sure that you really focus on the long road ahead, not just the short term.
Overall, as long as you’re really focusing on getting out of debt and not adding too many new debts to that amount, you should be just fine. Why not get started today?