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Tuesday, November 4, 2008

get out and stay out of debt

How to get out and stay out of debt.

The global consumer crisis today is surmounting credit cards debts.

Unfortunately, when times get hard, many people turn to credit cards to help them make ends meet … and only dig themselves into a deeper hole.

I’ve been through this myself, buying things on credit when I had no other way to pay for them. I’m not talking about luxuries , but about necessities like medical bills, medicines and groceries . As a result, I dug myself deep into debt, and one of the biggest decisions of my life was to get rid of credit cards and begin eliminating my debt.

My goal is to finally get completely out of debt. But i know it is not easy. It would take sacrifices and a commitment to change my spending habits.

I need to be firm in taking these steps.

1. Curtail spending
2. Save an emergency fund
3. Make debt elimination a priority
4. Scale back my lifestyle
5. Make sacrifices and buy on cash
6. Make a commitment to stay away from credit.

By GOD's grace i will be solvent in 5 years.

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