Get Out Of Debt!

As we continue into the new year, it is essential that we put priority into getting out of debt.
It is difficult to focus on how to make the most of your life when you are in debt to your eyeballs , and constantly thinking of how to make your bill payments.

Experts say persistent stress caused by financial worries can lead to physical and mental problems such as hypertension, eating disorder and sleep disorder "insomnia". There are so many cases, where financial problems have put strain on relationships and some couples have ended up divorced.

We all have been told there are good debt; which when used intelligently can assist in building wealth. Examples are mortgage debt and loans used for investment.
And there are bad debts; used to purchase disposable or durable items using high interest paying credit cards. This situation is worsened when bills are not paid on time and minimum payments are made towards the debts.

In my opinion the BEST DEBT to have is NO DEBT. This year I encourage everyone to try their very best and get out of debt. First we have to change the way we think . It is possible to live in North America debt free. How soon we get out of debt and if we ever get out of debt depends on our attitude. We have been made to believe being in debt is essential if you want to build wealth but it is not the only way to build wealth. I totally agree there are good debts, but like I said before, the best debt to have is no debt and a zero balance totally eliminates the stress of debt.

Here are some suggestion to get out of debt quickly.

1.Stop using your credit cards.
2.Have a budget that includes all aspects of your life not just bills.
3.Have an emergency fund savings. This will help to prevent going back to use your credit cards if there is a financial emergency.
4.Save on your energy consumption. Pay attention to how you use your electricity, water and gas.
5.consolidate your debt.
6.Find another source of income. This may be a second job and use the money strictly to pay off your bills.
7. Avoid frivolous spending and free up cash for debt repayment. Make lifestyle changes if you have to , it might seem inconvenient but will be well worth it

Finally, I want to make reference to the bible on why I really believe we should be debt free.

The rich will rule over the poor and the borrower is a servant to
the lender.
proverbs 22: 7

Let no debt remain outstanding except the continuing debt to love
one another
Romans 13: 8

In history and throughout the bible, there are so many people who have built wealth through diligence, hard work, saving and innovative thinking. And they did not have to be in debt to do it, If they could with the resources they had at that time, surely we can also. Wishing you the best always and a debt free life!