Be Debt Free

The majority of Americans know what it means to be in debt, from a small credit card bill to a large mortgage loan. The average person has about $6,000 of credit card debt. But, staying out of debt is as easy as:

One, Cut up all of your credit cards. Do not request, accept, sign, or use plastic credit for any of your purchases. Learn to say no to high interest rate credit cards.

Two, eliminate all of your debt balances. Start with the lowest amount first, working your way up to the highest amount. Always remember to pay above the minimum payment so that you will start to pay off the principle.

Three, a budget is not a bad thing. Come up with a budget that accounts for your total income, and stick to it.

Be sure that you keep some money aside for emergencies, like fixing your car, as well as keeping some back for some form of long-term retirement fund. Stop buying things that you want, instead stick to buying only what you need. If you find something that you want and do not need, think about it for a few days before making the purchase, that way you know that you really want it. No one likes the feeling of owing money, don't keep yourself in debt.

Contributing National Payday Staff Writer

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