The best way to eliminate debt is to stop debt by not borrowing money. The number one cause of debt is the misuse of credit cards and other forms of consumer debt. So many people live beyond their means that debt has become a threat to our countries financial security.
We have become a nation that purchases everything on credit without a thought of the consequences of our actions. As a result many do not even consider taking the steps to stop debt until their spending habits lead to a financial crisis. Debt is a serious threat to our families as well. The number one cause of divorce is the mismanagement of money. Debt is also linked to domestic abuse and violence as well.
If you are really serious about your efforts to stop debt you must start living below your means or increase your means. A debt elimination plan is critical to becoming debt free. You must be disciplined enough to follow the plan. The plan may mean selling your expensive car and purchasing a less expensive used car with the equity thereby eliminating your car payment. Unless you are a millionaire you should never purchase a new vehicle. Always pay cash for a good used vehicle.
In addition you need to stop borrowing money, cut up all your credit cards and start living on a cash basis. This is probably the hardest step in any stop debt plan. So many people have become accustomed to using credit cards that they cannot imagine living without them. This is a very critical step in your efforts to stop debt and to live debt free.
There are many debt elimination programs that you can subscribe to that will assist you in your debt elimination efforts. You do not have to spend money on debt counseling. If you are able to balance a check book and set up a budget then you can get yourself out of debt. A quick check of debt elimination plans on line will provide you with the resources to develop your debt elimination plan.
Again the most important first step in eliminating debt is to stop debt by not borrowing money through the use of credit cards and consumer debt instruments. Proverbs correctly states that: the borrower is the slave of the lender". Stop being a slave to credit card companies and stop debt.
