5 Steps to Control and Eliminate Debt

Control and Eliminate that is everybody’s quest in tracking personal debt roadmap, but where does debt come from? From research debt is defined as “a person who wants to use his/her privileges w/o having actual barter for the services/item he/she wants to acquire”.

Take a look at this five step plan for getting on, and staying with, your financial roadmap.

Step 1: Make a list of what you owe & prioritize: Put all your bills in a pile. Then list your debts in order, starting with the largest balance first. Then prioritize your repayments.

Step 2: Eliminate credit cards and don't roll over balances. Once paid off, notify the company that you want to close the account.

Step 3: Make a spending plan. Change your free-spending ways. Track the money that's coming in and going out.

Step 4: Be careful about the equity in your home.

Step 5: Get help. For some people, the problem of overspending is a psychological one. Spending can become a habit that's as difficult to kick as alcohol, drugs or gambling. Sometimes, it's due to circumstances they truly could not avoid: medical bills or divorce or loss of a job.

You can talk with a credit counselor on a private basis. It only appears on your credit report if you enter their debt repayment program.