I’d like to share the tips from the book How to become Debt Free published by Lighthouse
Ive been struggling for years in getting out of debt. With so much hope this can help me and those in the same situation as mine. So Im sharing this.
1. Make a commitment , NO new consumer debt
2. Reduce cards collection to one card only
3. Remove the temptation from your wallet
4. In place of credit card use debit card
5. Make a hit list of all your creditors. Write down each creditor’s name, the balance you owe, the interest rate and the minimum monthly payment
6. Prioritize your hit list for pay down. Pay the most expensive debts first or the smallest balance first, for a big psychological and emotional boost
7. Sell something this weekend. What do you have sitting around that you can sell.? All of us have too much stuff
8. Assign a monthly payment to each creditor, more than your minimum required payment
9. Make each payment faithfully and on time
10. As each debt is eliminated , shift your total monthly payment from the “eliminated creditor to the next creditor on your hit list
Ive done the no 1, work in process for no 2. No 7 is not for me. I dont have so much stuff. I’m positive I can do it with small steps until I can finally come out from the revolving door of debt.
One card down
the fatfeet 