Financial Debt Solution Sharing - Consolidate All Your Debt
Posted on January 12, 2008
Filed Under debt solution |
Consolidate all your debt will be part of the debt solution.
If you missed out the previous session, you may want to read on Debt Solution Sharing - Be Mentally Prepared.
Consolidate all debt amount a.k.a debt consolidation solution will be the financial debt solution that I will be discussing today.
Image Credits: Oimax
Today we will continue with debt consolidation and i hope that you are now mentally prepared for our next ultimate debt solution.
After you have mentally prepared so clear your debt, the second part of the debt solution that I’m going to share today is to list down all your debt and consolidate all our debt amount.
If you continue to purchase what you want rather then what you need, you will be shock that have much debt that you have been accumulating. Let’s do a consolidation. When I first consolidate all my credit cards outstanding balance two years ago, I almost fainted.
Conditions and basic requirements for applying credit cards have become easier and easier nowadays; as long as you have steady monthly incoming, you are qualified. You shall have your credit card approved without any problem. The problem will only raise when you have many credit cards in hands, you cannot control your monthly expenses, and all these cards are with different due date.
You swipe your credit card for different items purchased with different credit card. When the statement arrives by end of the month, you have been over budget. You are unable to clear the outstanding balance and you make the minimum payment. Starts from this point forwards….you are in bad debt.
No body plan to fail but just that they failed to plan. List down all your debt from various bank and consolidate all your outstanding balance will be your initial plan.
If possible, consolidate all your outstanding balance to one or two cards. Then concentrate on clearing the outstanding balance with the highest interest charges. Debt consolidation solution will help you to identify your financial loop holes.
So, what are you waiting for? Take out your pen and paper (of cause you may want to use Excel Spreadsheet or any other tools that you are familiar with) and start to list down all your debt amount. This will be the second steps on my financial debt solution sharing.
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Debt Solution Sharing was established in 2008 to share my personal debt solution from my previous experiences.
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