7 tips to become debt-free quick and fast.
This article is for you if you are looking for real ways to manage your debt and personal finances.
Becoming debt-free is totally rewarding because debts are typically the hurdles in achieving financial freedom and independence.
Almost everyone has debt whichever state or country you are living in. Like in the UK, an average UK debt is at £8,000 per person not even including the mortgage.
Debts, different kinds of loans, credit cards, etc. are offered everywhere, right?
Acquiring debt is very easy, but getting rid of it, is the toughest one, because of the accumulating interest year after year.
Now, remember that there is nothing wrong with acquiring debts or loans as long as you are using them to your advantage. So we can basically call debt as the good ones and the bad ones.
What are examples of good debts? Good debts are something you acquire in order to build your lifestyle up.
For instance, you acquire a student loan to finance your studies – this is an example of investment into yourself to acquire a competence that will benefit you with a better job or better source of income later on.
Another example is acquiring a property through mortgage loan – this can also become your investment if you know how to do it right.
Well, what are the bad debts? If you are an owner of an establishment or business, bad debts are the debts of your bad customers/clients, who are no longer able to pay you back.
When we talk about bad debts in personal finances, these are the debts that give you a burden to pay back and in the worst case, the debts that you are not able to repay.
Here are my simplified 7 tips to become debt-free as soon as possible. As a former Accountant, I would personally advise you to take the number 3 tips, if after doing number 1 and 2 shows that you have a serious bad debt problem.
7 Tips to Become Debt Free – Achieve Financial Freedom Fast