With the uncertain economy, many people are asking if they should make a plan to be debt free.
The benefits of becoming debt free would be great.
If people lose a job or income, they could withstand the temporary income lose much better than someone who has racked up tons of debt.
Also, they wouldn't have to worry about creditors making harassing phone calls if they missed a payment or two.
Take this quiz to see if you are ready for a debt free plan: 1.
Do you take cash advances on your credit card to pay daily expenses? 2.
Do you and your spouse argue over spending too much money? 3.
Are you surprised each month when your credit card bill arrives at how much more you charged than you thought you had? 4.
Do you have more shoes and clothes in your closet than you could ever possibly wear? 5.
Do you buy things on credit you didn't know you wanted until you saw them on display in the store? 6.
Do you get loans to pay off other loans? 7.
Do you just make the minimum monthly payment on all of your credit cards? 8.
Do you use credit for products and services you used to pay for with cash? 9.
Do you find yourself worrying a lot about bills? 10.
Do you regularly pay your bills late? If you answered "yes" to 2 or more of these questions, then you need to make a plan to be debt free before credit ruins your life.
Although there are many ways to pay off debt, the best way involves a system of cutting back on expenses, not charging on your credit cards, and using extra savings from expenses to pay it off.