Debt Free in Ten Steps
Copyright© Bryon Zirker

Ten Steps To Being Debt Free That Work

If your finances are lacking right now, here
is a plan to help reduce your debt while also
laying the foundation for wealth preservation
in the future. It takes work and discipline
to get out of debt. Being debt free should
be your goal. Become debt free starting now.

1.Make sure you have an income to work with.

This option is mandatory or you are headed for
bankruptcy.

2.Know your debts, how much, payments and interest
rates. Make a list of all of your debt. Face up
to it and start aggressively reducing it.

3.Prioritize the debt by:

a. Interest rate

b. Payment

Try to pay the high interest debt first.

Roll those payments into the next on the list once
paid.

4.Pay more than the minimum payment.

Paying only the minimum payment can last for years
and cost you a fortune in interest.

5.Do not roll or transfer balances no, no, no, unless
you plan to pay the debt within the specified low
interest period. Make sure to destroy the higher
interest card.

6.Destroy the Cards as you pay them off. Only hold one
card for emergencies or to pay for travel related items
such as airline tickets or rental car. Plan to pay it
off each month to aviod interest charges.

7.Obtain a copy of your credit report. Learn what is
on it and file it. Update it occasionally. You can
now get a free Credit report from each of the three
reporting agencies once per year.

https://www.annualcreditreport.com/cra/index.jsp

http://www.transunion.com/index.jsp

http://www.experian.com/

http://www.equifax.com/

8.Create a budget or money plan and stick to it,
this step takes the most discipline.

9.Please, please, do not use the equity in your
home for paying off credit cards, purchasing or
paying off vehicles, boats, recreational type items.
These items will soon have no value, so in essense
you will be trading your wealth for nothing.

10.Take action now if you feel you are headed for serious
financial disaster, do not hesitate, for by doing so
will only aggravate the situation. There are many
institutions that do credit counseling and or debt
reduction assistance.

Avoid the "Repair Your Credit" Clinics

Although some consumers pay credit clinics hundreds or
even thousands of dollars to "fix" their credit reports,
only time can improve bad credit. The Federal Trade
Commission has investigated and reported at length on
these often-fraudulent "clinics." And some credit repair
plans actually encourage you to commit fraud yourself
by attempting to create a second credit identity.

Consumer credit reports contain easy-to-follow instructions
for disputing inaccurate information at no charge. Inaccurate
information will be changed or deleted. Accurate information
that shows negative payment habits will usually remain on a
credit report for seven years, with bankruptcies remaining
up to 10 years. Federal law mandates this.

Here is the main point: There is nothing a credit repair clinic can
legally do to fix a credit report that you can't do yourself
for free.

A Note From The Zirkamer:
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