Is it really possible to live a debt free life? On the surface, this is a difficult task. Few people have the financial means to pay for things like a college education, a house and a car completely and fully in cash.
In many instances, acquiring manageable debt is simply a way to achieve your goals. But what if your goal is to live a debt free life? Is it possible?
With any goal, it's important to be specific and clear. The same applies when striving toward a debt free life.
Ask yourself these questions:
There are many reasons to want to live debt free. You're probably tired of the harassment from phone calls and floods of letters. Stress can have ill effects on your life, and if you aren’t in control of your finances your stress could be building towards dangerous, unhealthy levels. You may want the pride that comes with creating and sticking with a budget, and the feeling of freedom that comes when you’re not tied down.
Or, your debt may keep you from achieving other goals. It may make it difficult for you to do the things in life you want to do.
Being free of debt won’t ever mean getting rid of all your bills. Each month, you’ll still need to pay for your electricity, transportation and shelter.
But, living debt free may simply mean being on-time and up-to-date with all of your monthly bills. This is a good goal for homeowners. While you may not have the money to pay off your mortgage all at once, a good start might be making your monthly payment each and every time.
For some people, debt free means paying off the balance on their credit card bill each month. For others, it means learning to live without credit cards.
In many cases, "debt free" really means being in control of your finances and spending. This may mean you save up for big purchases, or take on only manageable amounts of debt that you take on with a clear plan for paying off.
This is your action plan. What hurdles need to be cleared in order for you to live a debt free life?
First, you probably need to get your current debt obligations under control. While there is no magic wand, there are several tools that can help you accomplish this goal.
For some people, filing for bankruptcy could provide a fresh financial start by clearing debts, or providing the protection needed to get them under control. Dropping your past debts can give you a clean slate from which to build new and better spending and saving habits.
Second, you need a financial game plan that will allow you to stay in control of your finances. Make a list of good budgeting habits you want to keep. How will you pay for big purchases? How will you handle credit? Making a plan in advance will help prevent you from falling into old habits, or taking on more debt than you can handle.
You won’t achieve a debt-free life by simply wanting it to happen. You’ll have to put in some real work towards your goal.
Fortunately, you're not alone, and there are powerful tools available to help you meet your goal.
Bankruptcy laws were designed to help people take control of their finances and get a fresh start. Eliminating debt through bankruptcy can be a crucial step to creating a debt-free life.
First, you’ll want to learn about bankruptcy and how it may affect you. A local bankruptcy attorney can answer your questions and take you through the process step-by-step.
You can get a free bankruptcy case evaluation with a lawyer near you by completing the free form on this page. Or, you can call, 877-349-1309, and we’ll connect you right away.
Don’t defer your debt free life any longer. Set up your no-obligation consultation with a local attorney today.