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How Do I Get Rid of Debt – One of the pillars of good personal finance management is to never get into the debt trap.  It is this pillar that most people struggle with.  There are so many facilities for debt.  And, there is just too much stuff in this world that we want to have at present even when we do not have the resources for them.

This goes against the advice of most financial planners and consultants do not spend what you do not have.  You can argue that without getting into debt, you would not be able to get the education that you need to be able to fetch a higher “price” in the job market.

This is totally valid.  There are good debts and there are bad debts.  You should be able to tell one from the other.  Good debts are those that you can use in order to get even more income.  Bad debts are simply what they are – bad debts like credit card debts are  that will cause you to owe more money than the income you have.

The present is always the best time to clean up your financial portfolio and shape up.  As you understand this, you might already be asking yourself “how do I get rid of all thisdebt?”  The first step to getting rid of debt is not to borrow any more money and to stop spending on credit.  You can then make a summary of all your debts.

List down everything you owe – yes, you should include the money you loaned from your trusty uncle for your car repair.  Sort your loans according to the type of debt – home loans, auto loans, student loans, credit cards, salary loans, etc.  Make a list of how much you owe on each debt, how long the loan tenor is, and how much interest you are charged for each one.

Even after listing all these debt, you will will probably feel  more resounding.  You would most probably be scratching your head already thinking of all the debt you have to pay off.  In all probability, you cannot pay off each and every one of your debts in one pop.

You simply have to make a debt repayment plan that you will religiously follow until you finally settle every penny of loan you have.  The easiest loans to get rid of are your credit card loans and your personal loans.

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