4 Steps To Be Free From Debts  

Posted by Wanie Idayu

Not to say that I am free from debt now, but at least I have no more credit card outstanding and I don't own any credit card now. Hoorayy!!! It's not easy, it takes a lot of discipline and starving (*sigh...) and saving.. So to get yourself free from debt, better start now. It's never too late! Better late than never... ;)

Step 1: Find Out How Much Are You In Debt
You may think that this is an obvious thing but don't be suprised, most people do not know how much debt they have. Do you? To get yourself on the road of repayment, it's crucial to know how much debt you're carrying and @what interest rate. Only then you can plan your financial

Step 2: Put Aside RM10 A Day
If you put RM10 a day towards your debt rather than spending it on fancy cups of coffee, cigarettes, bottled water or fast food, in 1 year you have put aside approx. RM3650 towards your debt!!! Now do you still think that RM10 won't make a difference? Think again! You can pay off a credit card debt of RM8K in just 3 years with only RM10 a day!!!

Step 3: Pay More Than Minimum Payment
Of course credit card card company would like you to pay the minimum payment... So they can squeeze a lot more profit from you!!
If you have RM8K of credit cards debt & you only pay RM160/month, you can only clear up your debts in 30 years time. By applying the RM10/day method, you can be debt free in just 3 years!! 30 years & 3 years is a whole lot of difference huh? So stick with the RM10/day Plan ok??

Step 4: Stop Using Your Credit Card
The obvious solution. Stop use, Stop Accumulating Debt. So there.

Any questions friends??? ;)

***Be Smart. Save & Earn From Your Prepaid Reload***

This entry was posted on Monday, September 15, 2008 and is filed under . You can leave a response and follow any responses to this entry through the Subscribe to: Post Comments (Atom) .