Its 2013, a fresh new start for Americans, but how many you have stopped to think whether you should make this a year without debts? Have you calculated how much you pay in interest every month? In his Victory speech on 7 th November 2012, President Obama, reiterated that ‘ We want our children to live in an America that isn’t burdened by debt’. It is a message that every American should understand and take note of, not because the President said it, but because it would make for a fresh start without debts.
If you are like most American families, struggling with debt and payments ranging from credit cards, mortgage, student loans, car payment, etc, it’s probably high time you sit back and think of starting your life afresh without debts, this New Year. Many of us have been conditioned to think it’s OK to pay all of this interest, all that talk about good credit and all. But think for a bit without all the nice sounding adjectives and look into your life with glasses of reality, you’ll find how crippled your life is with debt and how it is an all encompassing vicious circle that you could be drawn into for years!
Banks and Credit card companies sweet mouth you into these wonderful schemes which in reality are nothing but future income for them, generated from your hard earned money. If banks had it their way, they want every American to remain in debt forever.
Think of how peaceful your life could be if you had no credit card pending payments, no car payments, and no student loans to tackle with. Initially it might seem an impossible proposition to live like this and yet there are so many people who do it. All you have to do is avoid spending more than your income allows you and not give into the very inviting bank and credit card loans. But living out of debt also means understanding debt and how you can live a debt free life.
A survey in 2007 indicated that household liabilities in the United States ballooned to about 135 percent of disposable income. With reports of consumer spending accounting for almost two-thirds of the economy, recent fears that the American economy might be headed for another recession perhaps makes it more necessary to intensify efforts to put more money in the pockets of Americans again.
Debt is like a parasite on our finances and a threat to our independence. Only by understanding the true nature of debt and the agenda of those who covet our incomes, can we live in peace and prosperity. Once you have decided that you want to get out of debt, you need to stay focused on that approach and keep a few of these things in mind-
- Keep one big goal in mind and keep reminding yourself about how good, a debt free life can be. It is something that will keep you motivated and you will work in different ways to attain that goal.
- Keep track of your financial savings as well as your expenditure. Cut out on all unnecessary expenditure that might add to your debt situation. Try to convince yourself that you can live a good life and get ideas that work towards that goal. Meet likeminded people who will help you achieve this.
- You don’t want to end up in a position where someone else dictates where your money goes, where someone else controls your peace of mind for the coming years. Where you are afraid that you might end up losing a home or a car that is up as mortgage.
- Know what is important for you, whether being happy with your kids and family is important or buying things that you might not really need eventually is important. It might be a choice between the sanity and peace of mind of your family and that of a fancy purchase that might not really be important in retrospect. Those in debt also spend much of their time and money in repaying the debt, which leave s them with little time to spend with their loved ones.
- Take expert legal advice from a debt settlement attorney on how quickly and neatly you can curb debt and avoid it altogether or if you already have debts how you can quickly come out of such a situation with a debt settlement.
In order to live a life free of debt, while making a new start at a debt free life, feel free to consult the esteemed lawyers of Shah Peerally debt settlement group for any kind of help and advice regarding debt.