Paying Off Debt - Myths and Truths About Paying Off Debt
Paying off debt is becoming one of America's most important priorities today.
Why? There are so many people in debt up to their eyeballs right now, that they do not know which way to turn.
They are paying credit card debt with other credit cards, borrowing against their home, taking out consolidation loans and many other ways that are not advisable.
We will give you some tips here that will help you get out of debt if you follow basic principals of debt management.
The main problem with the accumulation of debt is and has always been the credit card! It allows you to practically go out and buy whatever you want, when you want it! You don't feel the pain until you owe so much more than you can afford that you just can't seem to get out of this hole.
There are ways of paying off debt and they are sound and easy to follow principals.
First and foremost.
If you are facing a situation where you owe more money monthly than you earn, you are in a bad situation.
But, it can be reversed! The Myths 1.
Borrow money from your 401K plan and pay yourself back.
2.
Consolidate your debt and pay one lower monthly fee.
3.
Take out second, third mortgage on your house to pay your debt.
And the list goes on.
The Truth 1.
Take out all money from 410k and pay towards debt.
2.
Stop contributing to 401k until you do.
3.
Never consolidate unless you tear up credit cards and stop borrowing.
And more.
Paying off debt is your responsibility and do not expect the government to bail you out! You got yourself into this mess and you CAN get yourself out.
There are many ways of paying off your debt and doing it without filing for bankruptcy, borrowing more money or stealing! There are many ways to do this and unfortunately, most of the advice you find on the internet is dead wrong.
Paying off debt should be your number one priority because you can be financially well off since your most powerful wealth building tool is your income.
Do not continue to get sucked into the misconception that you have to have a good credit score to be successful.
This is another myth! Your credit score just tells creditors how much money you owe some else and how regularly you pay it back.
Why? There are so many people in debt up to their eyeballs right now, that they do not know which way to turn.
They are paying credit card debt with other credit cards, borrowing against their home, taking out consolidation loans and many other ways that are not advisable.
We will give you some tips here that will help you get out of debt if you follow basic principals of debt management.
The main problem with the accumulation of debt is and has always been the credit card! It allows you to practically go out and buy whatever you want, when you want it! You don't feel the pain until you owe so much more than you can afford that you just can't seem to get out of this hole.
There are ways of paying off debt and they are sound and easy to follow principals.
First and foremost.
If you are facing a situation where you owe more money monthly than you earn, you are in a bad situation.
But, it can be reversed! The Myths 1.
Borrow money from your 401K plan and pay yourself back.
2.
Consolidate your debt and pay one lower monthly fee.
3.
Take out second, third mortgage on your house to pay your debt.
And the list goes on.
The Truth 1.
Take out all money from 410k and pay towards debt.
2.
Stop contributing to 401k until you do.
3.
Never consolidate unless you tear up credit cards and stop borrowing.
And more.
Paying off debt is your responsibility and do not expect the government to bail you out! You got yourself into this mess and you CAN get yourself out.
There are many ways of paying off your debt and doing it without filing for bankruptcy, borrowing more money or stealing! There are many ways to do this and unfortunately, most of the advice you find on the internet is dead wrong.
Paying off debt should be your number one priority because you can be financially well off since your most powerful wealth building tool is your income.
Do not continue to get sucked into the misconception that you have to have a good credit score to be successful.
This is another myth! Your credit score just tells creditors how much money you owe some else and how regularly you pay it back.
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