Get Out Of Debt - See The World!

If I could just get out of debt, then I could travel and see the world. Maybe you have a mantra similar to this, leading to what you really would like to do in life, but are stuck in a rut of debt payments. Many people are in the same situation and feel there is not real answer. But, that is not really true…there are options.  Get out of credit card debt first. This type of debt is the most insidious because the interest rates are so high and the allure to accumulate more so great. There a couple of ways to deal with this problem depending on your situation.



If you are current on your payments you can do a systematic approach to working through them. Simply organize your credit card debts by highest to lowest interest rate. Note the minimum payments on each. Then focus all your attention on paying off the highest rate card, while paying the minimum payment required on the others. The boost you will get from seeing the progress will spur you on. The other method you can use works better if you are behind on your payments. In this case you need to understand that after six months of no payment, banks sell these accounts to collection agencies for pennies on the dollar.



At that point you can take the money you have been saving by not making the payments and negotiate a lump sum or payment settlement for a fraction of the original balance. Again, this is only if you are behind already. Re-think your transportation. A new car is a great treat to oneself, but the fact is it is a money pit in terms of the losing its value. By sticking with 4 plus year old cars you can eliminate much of the depreciation, and still have reliable transportation. Check out eBay Motors for some unbelievable deals on used cars.



Adjust your housing to better meet your realistic needs. If you have a large mortgage reconsider if this is really a smart move in this economy. At one point putting money into your house made all the sense in the world…now it is debatable at best since prices are falling. If you did not get your house at a bargain price you are fighting an uphill battle that is going to take a long time to win.  In the final analysis, if you can get out of debt, your options to do the meaningful things in life increase geometrically.



There are always choices and options, so give look around at what you can accomplish just by making some basic changes. Â For more details: www.surfthestorm.com