Wise Tricks For A Debt-Free Life
One of the main questions in life is that, ‘why do you spend the money you don’t have yet?’ Which actually makes a huge sense, especially for people who has numerous numbers of debts. Debts are actually considered to be one of the results of bad spending habits, because when you don’t use cash, it’s literally costing you money to spend money, which doesn’t make sense at all, but that’s just how it is. Just like how credit cards are considered to be a person allowing you to borrow money to get something you can’t really afford at the moment, but can easily pay off in the future.
It always seems so easy and convenient, but what exactly happens is that you are owing more and owning less, and this could last for years, some people grow old and dies without managing to pay for their debts because there is just too much of it, you wouldn’t want to spend the rest of your life earning money just so you could pay off your debt right? So here are wise tricks to become debt-free.
PAY OFF ALL YOUR DEBT
Patience and hard work is the key to paying all of your debt. If you know that you got debts and other loans to pay, then don’t start a new one, it’s just like trying to pay your debt with another debt, which would just lead to you being broke as early as now, you must sit down and check every single loan and debt you have, and figure out a way to pay for them. A nice tip though, pay off the biggest one, then go from there.
This has got to be one of the major reasons why people simply couldn’t help but be on debt. Almost every working adult in the world has at least two credit cards on their wallets. Little did they know that credit cards are actually the most expensive form of debt in the world. The average rate for fixed debt is 15 percent, but there are unsecured credit cards that have higher interests, so before you actually get a credit card, be sure to know all about it, but it will best, if you don’t use one at all.
There are people who struggles to pay for their student loans, especially if it is a private student loan, because it is more costly compared to a federal loan. However, these have strict rules of payment and is unsecured.
Now this is something that is obviously really high. The average auto loan is 6 percent, and that is for a fixed-rate loan when you buy from a dealer. The only good thing about this is that, auto loans are of co it’s secured.
STOP USING CREDIT CARDS
Now that you have managed to get through all of your loans and debts, just work hard to be able to pay for them. It might take some time but it will all be over. Once you are debt-free, make sure to stay like that and one of the first things you have to do, is to stop using credit cards. It wouldn’t be possible for you to be debt-free if you keep on using those credit cards.
CUT UNNECESSARY EXPENSES
Credit cards are often use especially when people tend to buy unnecessary stuff, and of course on impulse buying. When someone uses a credit card for shopping, it’s like everything is worth it, but when your bill comes, you feel like you’re carrying the world on your shoulders. If you don’t use credit cards and you use cash instead, it will be difficult for you to let go of that cash when you go shopping for unnecessary items. It is ideally more difficult to let go of cash since it is real money, and not just a card to swipe.
More in Debt
Roman Abramovich’s Super-yacht is the Largest in the World and You’ll Never Guess How Much it Costs
Boys and their Toys! Tycoons and their Jets and Yachts! You just can’t separate them easily. Business mogul Roman Abramovich has major...August 16, 2019
The Reason Why Jack Dorsey is Called Silicon Valley’s Gwyneth Paltrow
There is a reason why Jack Dorsey is considered the Gwyneth Paltrow of Silicon Valley, and we are here to explain...August 14, 2019
Someone Called Out Constance Wu for Being ‘Rude, Petty, Mean-Spirited’, and Gemma Chan Liked the Tweet!
There’s a new drama that Gemma Chan and Constance Wu are involved in, and it’s not a sequel to their hit...August 13, 2019
Guess Which US State Just Surpassed UK to Become the 5th Largest Economy in The World?
America as a country is very proud of the fact that it is looked up to as a ‘World Power.’ All...August 12, 2019
After GoFundMe banned Australian sportsman Israel Folau, Donations exceeds $1 million
Israel Folau, a rugby player from Australia, launched a fundraiser page on June 18 for legal action against Rugby Australia after...August 9, 2019
Brie Larson Acted in ’13 Going on 30′ and Mark Ruffalo is Shook by this Fact
It seems only a few years ago, but fifteen years have passed since the Jennifer Garner and Mark Ruffalo movie, 13...August 7, 2019
All About the Drama Between CBS News Anchors Gayle King and Norah O’Donnell
CBS News is more like a soap opera today than a news program because of all the drama that’s been happening,...August 6, 2019
The Plant-based Meat Maker “Beyond Meat” Goes Public with a Bang
Beyond Meat Inc., the company formed by Ethan Brown (who is vegan, by the way), raised almost $25 million dollars in...August 5, 2019
Business Founders Just Love to Talk about Elon Musk’s ‘Out of Money’ Dilemma
In less than 4 months, Elon Musk, the founder CEO of Tesla Motors added $2.3 billion to his personal net worth. The man...August 2, 2019