Go Debt Free
"Go debt free!" It's the phrase of the year. Sure, we all want to go debt free, but sometimes it's hard to know how to do it.
Go Debt Free
Do you want to go debt free? Of course! We all do. But you might not know how. Your this close to bankruptcy and scared to death. But don't file just yet--not when there are so many debt free programs available to help.
Methods to End the Madness
Consider these sobering statistics:
- The average household had $9,312 in credit card debt as of 2004
- It would take 13 years to pay off $9,312 at 14% interest if you only pay the required monthly minimum (generally, that's 4% of your balance). This means you'll be paying $3,778.81 in interest, so you pay back $13,090.81.
- The total balance of all U.S. credit cards is $665 Billion
- The American Bankers Association shows that 4.81% of all accounts are past due by 30 days or more.
If nothing else, this proves you're not in debt alone. So how do you (and others just like you) go debt free without filing for bankruptcy? Through one of four debt free plans designed to help you do just that:
- Debt consolidation
- Debt consolidation loans
- Debt consolidation mortgages
- Debt settlement
Of course, some of these programs will be better suited for you than others. (To know which ones are right for you, contact a debt management company.) But all of them are designed to help you go debt free in five years or so. This is because they are all based on getting you reductions is balance or interest rates (or both).
Think five years sounds like a long time? It sure is better than the 13 years we told you about before that it would take you to go debt free on your own. Think about it--you might not even have all the stuff you bought with credit (unless it was big-ticket items like a plasma t.v. or furniture or something). So you're still paying for stuff (or dinners, manicures, etc.) that you don't even have or are not even able to enjoy anymore. But the sooner you get enrolled in a debt management program to help you go debt free, the sooner you can be on the road to debt free living.
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