Five Steps To Being Debt Free

Having very little, or even no debt can be liberating. Think about how much your stress level would decrease if you were able to pay all of your bills without struggling, or how nice it would be to put aside part of your paycheck each month for an emergency. This is what it is like to be debt free and you can get there! But, it does take a little work and some discipline when it comes to spending and budgeting.

Five steps to being debt free include:

•         Living on less than what you make. When your budget requires you to spend every cent you earn on necessities, you can quickly find yourself facing a foreclosure or repossession if your job or family circumstances change.

•         Avoiding impulse purchases.

•         Paying off credit card balances each month rather than carrying them over month to month and paying interest on top of interest on those balances.

•         Having an emergency fund for house or car repairs, rather than using a credit card to cover these expenses.

•         Sticking to a budget.

It might look easy, but we know the truth is that staying on track with your money is not a piece of cake. If you are trying to get your finances in shape so you can live debt free, but are having a hard time getting started, let us help. We can talk to you about options to reduce your overall debt load, such as mortgage loan modifications or bankruptcy, so you can use the extra savings to pay things off or put aside for unexpected emergencies. We know what it takes to get in good financial shape, but more importantly we know how to help you make a choice that will allow you to stay financially healthy. Our goal is to find a solution that will get you out of your immediate financial crisis while allowing you to plan for the future on solid financial footing. If you are not able to pay all that you owe and are wondering what you can do to change this, call us to learn more about your choices.

If you have more questions about how to get out of debt, contact us today at www.law-ri.com. We will help you get prepared for what comes after we file your case, and have multiple locations where we schedule appointments.