Got debt?? Ooooh, scary!!!!

Debt is a pitfall to avoid at any cost.

Debt can be a daunting hole . It may be difficult to climb out of debt. However, many people are successful in paying off their debt and it is rarely impossible if you catch it early.

It is important to assess your income to debt ratio. In paying off debt, you need to consider your basic living expenses. Do not use any funds slated for living expenses, which includes mortage or rent, food, electricity and transportation to pay debts. A sure way to avoid debt is to pay your basic living expenses first .

List all your debts from lowest to highest, not including mortgage. Pay your lowest debt off first , which builds momentum and confidence. Then throw the extra cash at the next lowest until all is paid off. Once you pay a credit card off, cut it up. As you have less debt, you will have more money to cover emergencies.

Many debt payers are sticking to a budget. Consumers find they have more money when they limit their spending . I have saved close to $300 a month by canceling subscriptions, and cable television, which I suggest you consider. Look for opportunities to increase income at work or side hustles and move this income towards debt repayment and savings. People do well in selling vehicles they are financing that are unaffordable and paying cash for older yet reliable one as this cancels a huge debt.

Debt free living is freedom. I am completely debt free and love helping others achieve this. Schedule a session with me at www.peacefullifefinancial.com