Ten Steps To Being Debt Free That Work

Ten Steps To Being Debt Free Copyright© Bryon Zirker
http://www.PlugInProfitSite.com/main-10068
Ten Steps To Being Debt Free That Work
If your finances are lacking right now, here is a plan to help
reduce your debt while also laying the foundation for wealth
preservation in the future.
1.Make sure you have an income to work with.
This option is mandatory or you are headed for bankruptcy.
2.Know your debts, how much, payments and interest rates. Make a
list of all of your debt. Face up to it and start aggressively
reducing it.
3.Prioritize the debt by:
a. Interest rate
b. Payment
Try to pay the high interest debt first.
Roll those payments into the next on the list once paid.
4.Pay more than the minimum payment.
Paying only the minimum payment can last for years and cost you
a fortune in interest.
5.Do not roll or transfer balances no, no, no, unless you plan
to pay the debt within the specified low interest period. Make
sure to destroy the higher interest card.
6.Destroy the Cards as you pay them off. Only hold one card for
emergencies or to pay for travel related items such as airline
tickets or rental car. Plan to pay it off each month to aviod
interest charges.
7.Obtain a copy of your credit report. Learn what is on it and
file it. Update it occasionally. You can now get a free Credit
report from each of the three reporting agencies once per year.
https://www.annualcreditreport.com/cra/index.jsp
http://www.transunion.com/index.jsp
http://www.experian.com/
http://www.equifax.com/
8.Create a budget or money plan and stick to it, this step takes
the most discipline.
9.Please, please, do not use the equity in your home for paying
off credit cards, purchasing or paying off vehicles, boats,
recreational type items. These items will soon have no value, so
in essense you will be trading your wealth for nothing.
10.Take action now if you feel you are headed for serious
financial disaster, do not hesitate, for by doing so will only
aggravate the situation. There are many institutions that do
credit counseling and or debt reduction assistance.
Avoid the "Repair Your Credit" Clinics
Although some consumers pay credit clinics hundreds or even
thousands of dollars to "fix" their credit reports, only time
can improve bad credit. The Federal Trade Commission has
investigated and reported at length on these often-fraudulent
"clinics." And some credit repair plans actually encourage you
to commit fraud yourself by attempting to create a second credit
identity.
Consumer credit reports contain easy-to-follow instructions for
disputing inaccurate information at no charge. Inaccurate
information will be changed or deleted. Accurate information
that shows negative payment habits will usually remain on a
credit report for seven years, with bankruptcies remaining up to
10 years. Federal law mandates this.
Here is the main point: There is nothing a credit repair clinic
can legally do to fix a credit report that you can't do yourself
for free.
A Note From Bryon:
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