UNDERSTANDING DEBT

Eliminating debt

Building wealth is everyone’s passion and life’s long dream. With true dedication to controlling debt building wealth can be accomplished. But in order to controlling debt, we must first understand debt. Understanding debt and not letting it control our lives is what separates the weak from the strong, the intelligent to the not so intelligent.

There isn’t a magic pill that will eliminate debt. However, there are a few simple things you can do for free to at least keep it under control. Here is some debt help free advise to help you in getting out of debt.

The two biggest hurdles to over come debt to attain wealth are our indulgences and instant gratification weaknesses. The use of credit cards, or for a more accurate term, over use of them, has taken our nation to unfathomable depths of uncertainty and questionable existence.

Debt in the United States has reached epidemic proportions. Like a wild fire burning out of control, it devours everything in its path, even innocent lives! Even our own government has chosen to not take action, and just look the other way.Our elected officials ignore the problem and make excuses to protect their banking buddies, where the majority of their campaign contributions come from.

The debt of this nation risen to the sum of $6.7 trillion dollars. This debt is composed mainly from credit cards, home mortgages, student and car loans. Just think, due to compounding interest, this debt is GROWING by $2 billion dollars a day!

The biggest troubles America faces is the compounding interest on this debt. Albert Einstein is attributed to saying that compounding interest is the strongest force in the universe. The only way this interest can be controlled is to pay down debt faster than it accumulates. With better understanding and more education about debt are the two components that will have an effect on securing wealth and eliminating debt, once and for all.

There are steps one can take to lessen the burden of debt and take control again. I will be discussing some of these steps in detail, to insure adequate adaptability to controlling the debt that is eating up your hard earned money. Its not in how much money you make, but how much you keep that counts.

In my next article I will discuss the importance of knowing your true “net worth”. Knowing this number, along with the other procedures I will show you, you will be able to devise a plan on debt reduction. Simply put, as your debt decreases, your net worth increases. To achieve wealth, this is the order of things that must be accomplished.

Understanding how to get out of debt free takes dedication, strong willpower and determination. Everyone that contributes to the financial pool have to be of one mind and one focused direction. In my next post on this subject will introduce something everyone should know. So to find out what it is please continue to come back.

If you missed any of the articles in this series, please click below:

How To Fix Your Credit Score

Know Your Net-Worth

How To Find Your Money Leaks

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