Debt is a burden that has been part of the life of most Americans. But do you know that you can eliminate debt fast just by following some simple steps?
There is a lot of debt that people incur just to live a normal live in America. From student debt, to housing debt, and beyond, people owe hundreds of thousands of dollars to banks and other institutions.
Researchers have determined that Americans started 2021 with nearly $900 billion in credit card debt. And that amount is projected to increase by $60 billion by the end of the year.
And these debt costs are aways going up, quicly!
What can you do to avoid the traps of high debt? It turns out that you can do a lot. From refinancing, to renegotiating and changing your debt, you can do a lot.
In this article, I will provide you with a few steps that you can follow to pay down your debt without going broke. Let’s go!
How to Eliminate Your Debt
Here are the steps that will help you eliminate your debt:
- First, create a list of all debt you owe. To do this, consider all the open credit your have, including:
- Credit cards
- Home financing
- Student loans
- Car loans
- Determine how much money you need to cover all those loans. Make sure to increase your current costs to consider interests you need to pay.
- Determine the time horizon in which you want to pay all these loans: 1 year, 6 months, or 3 months, etc… Be realistic, since this will change according to the amount of debt you have.
- Try to reduce these debts using traditional methods such as:
- Consolidation of loans into lower interest rates
- Using deals with credit card companies to reduce your debt burden
- Refinancing some of your loans, such as house loans.
- Finally, enroll to this side business, which provides all the tools you need to easily make extra monthly income by starting your own enterprise.
- Use the money resulting from your side business to pay all you loans, as detailed in the first step. When you complete this step, chose your next goal.
The most important steps on this whole process are the following:
- Careful planning and;
- taking advantage of an existing business opportunity that will give you the needed money.
As you will notice, the crucial step to pay all your loans quickly is to have a simple, reliable way to make extra money as you need it. You can also use that money to fund your lifestyle for the future, while spending only a few minutes per day, if you so desire.
The reason I recommend this business method is that I and many others have been using its simple formula for a few years. I even made a lot of money during the lockdown, which was so difficult to everybody else.
The ways this can help your in paying your loans are the following:
- Simple to do: you don’t need an advanced degree to make money this way.
- Doesn’t take much time: you can make as much as you want, working from a few minutes to a few hours per day.
- You can work from anywhere: no need to commute to a distant office to make money this way. You can do it from home, and from your own living room.
- No need for dedicated equipment: if you have a cell phone, you’re good to go.
- No need for big investment: you can start this business with just a few dollars (less than a lunch in a restaurant).
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