Making the decision to be debt free is your first step towards financial freedom. You also need to make a plan on how you are going to achieve your desired results. Begin this process by putting all of your cards away, and stop using credit. Your next step is to take an inventory of your debt. Assess your current financial situation as it stands today. You can do this by making a list of all of your debts. For each debt, list the outstanding balance, the minimum monthly payment, your interest rate, and your credit limit. You will include debts such as:

Unsecured Debt

  • Credit Cards
  • Lines of Credit
  • Overdrafts
  • Payday Loans
  • Cash Advances
  • Outstanding Income Tax
  • Student Loans
  • Outstanding Unpaid Bills
  • Family Loans

Secured Debt

  • Mortgage
  • Vehicle Loan/Lease
With this list in place you can determine how much your debt is costing you to service each month. There are many debt calculators available online that is free to use. You can formulate a strategy on your own, or with the assistance of my office. It is important to keep your plan realistic and achievable.
~ Charlie Peet ~