Debt Elimination Option - What is Your Best Choice?

There are so many choices out there to get debt relief. There's credit counseling services, debt consolidation, and debt management services just to name a few. Which of these programs is your best debt elimination option?

You want to follow a programs that completely eliminates your debt. Understand that we're not talking about debt consolidation. It is not the same as debt elimination. Research has proven that most people who go for debt consolidation end up worse off than before. This is because they use the money to pay off their credit cards and then something strange happens. Since they realize that their credit cards have zero balance, they start charging them up again! This leads people in more debt and worse financial shape than before. Debt consolidation companies know this and it's why they stay in business.

So how do you eliminate your debt without consolidation? One word - focus. First, you have to stop creating more debt to have a chance. In order words, don't use your credit cards anymore.

Second, you need find some extra money to pay off debts. What you'll do is find money in your current expenses that you're just "blowing" each month and don't even realize it. Start by carrying a pocket notebook around with you for 30 days. Now, write down everything that you spend money on, especially the cash transactions. You might be surprised to find several areas to make some cutbacks in. Besides cutting back at work, there are other areas to find extra money such as having less taxes taken out at work. Talk to your payroll department and see if that's an option for you. After you find areas to save extra money, start applying it to eliminating your debts.

The key is to focus on one debt at a time until it's completely gone! Now, I'm now talking about paying off the debt with the highest interest rate, either. This is a common myth that you hear in the media that doesn't always work. What works is to
start paying off the one with the lowest balance.

In my debt free classes, I teach students to start by paying off their debts with the lowest balance. Why? Because of human nature. They feel more motivated to pay off debt if they can get a small one out of the way and go on to the next one. If you start with a bigger, higher interest rate debt. It can take forever to pay it off and you won't feel like continuing much longer. Give yourself small success and then they'll build into bigger ones.

Be sure to put this debt elimination option to work today before another bill arrives in the mail.

Debt Elimination Option - Discover our debt elimination course that has helped many people obtain a debt-free, stress-free lifestyle.

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