Living Debt Free - It's In Your Best Interest To Manage Life Smartly

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Living debt free did not come overnight. Allow me to tell you how some made use of the different programs that were available to them. The first one is credit counseling which is my favorite. Why is it my favorite? Not only because it is free but also it lays the foundation for creating a path to wealth.

For example, there are people who will find it difficult to pay a fixed amount monthly. By the very nature of their job where their income fluctuates from high amount all the way down to zero in some months. There are people like that, you know, like writers, and fruit harvesters and such.

I am also not talking about someone like Brad Pitt who with one film could earn as much as twenty million dollars but may not have a movie offer for a few months when he will then be earning zero. I am talking about the seasonal workers and salespeople who may get a lot of calls at Christmas time and some dancers.


This is where credit counseling comes in. And this is not only for one who will have a difficult time paying a fixed monthly amount but also for one who can make fixed monthly payments. For we all need a budget plan that will show how much money is coming in and how much is going out.

That is why in the investment part of this website is a discussion on how to do personal budgeting. If you like, after reading this page, you may click that and it will show you how to do some budgeting but again credit counseling can help with this.

Another benefit of credit counseling is that it will help you control the debts you incur from your credit cards. It will show you the trap you are getting yourself into if you use that plastic money indiscriminately. Living debt free will then be so much harder to attain.

Now more than ever we need to make it clear that carrying a balance in the credit card is a trap you have to avoid at all cost. Why? Because with the interest on the balance you end up paying an astronomical amount for the ipod that you bought. That surely will not get you closer to living debt free.

Studies have shown that Americans carry billions of dollars in credit card debt. That's not what people charge; that's the amount of unpaid balance that people pay interest on. And the report says that 47% of people pay less than the full amount of their bills. Usually people pay only the minimum due.

Back to those who cannot pay a fixed amount of monthly payment. There is some kind of debt negotiation or debt settlement where if people have such fluctuating income and cannot pay a fixed monthly amount, here's how one person did it.

He opened a savings account separate from his day-to-day transactions. To this he deposited money at some intervals. When there is enough money there to pay off a small debt, he called the creditor and made an offer to his creditor. He repeated this for his next debt and several more times until he was able to clear what he owes and is now happily living debt free.

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