"Any society that would give up a little liberty to gain a little security will deserve neither and lose both." ~ Benjamin Franklin

Make a Plan and Pay Off Your Debt

>> Monday, October 20, 2008

So… Now that the big bail out really hasn’t worked the way everyone politicians hoped it would how do you feel about your debt? Is it beginning to scare you? Are you wondering just how you’re going to afford the lifestyle you’ve grown accustomed to if you can’t expand your credit limit?

Here’s a thought… How about getting out of debt? I know, it’s a strange concept in our world of instant gratification but I can tell you from experience that getting rid of debt feels so much better than sitting in front of a big screen TV and wondering just how you’re going to pay for it.

One avenue we used for debt relief was debt consolidation. This can be a tricky road to travel if you don’t close the previous accounts after you consolidate them (so you don’t spend them up again). But if you handle it correctly, debt consolidation can help you lower your monthly payments and pay multiple bills off with just one payment.

I want to share this bit from Bills.com- it’s good information to remember:

“debt consolidation doesn’t reduce your debt; it just helps it be more manageable. So, you need to analyze your finances to see if you can truly start paying off your debt. See where you can cut back on your expenses. You’re going to have to make some personal sacrifices if you want to get out of debt.”

It’s past time to get rid of your debt. Do a budget, do your homework and know what options are available to you. Make a plan and attack that debt!


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