How to Move From Debt Consolidation Into a Debt-Free Life
A loan for debt consolidation, specifically the RIGHT debt consolidation loan, can also be used for stress management. The majority of people do, in fact, at some point or another, end up with excessive debt. Deep debt can occasionally be caused by poor money management, a bad case of “living beyond means,” or by an unanticipated loss of employment. Financial stability can occasionally be hampered by personal relationships, and excessive debt is frequently brought on by divorce. Stress is a result of heavy debt.
About that fact, there is no question. There is also no question that reducing one’s debt significantly reduces stress.
It’s important to know exactly what the loan includes and excludes if you’re thinking about getting a debt consolidation loan. No more or less money than you actually need must be borrowed for the debt consolidation loan.
First, loans for debt consolidation are typically only given for unsecured debts. Unsecured debts include those incurred with large credit cards, retail credit cards, gas credit cards, etc. There may also be medical expenses.
Any debt for which you have not pledged any equity is unsecured. Unsecured debts such as mortgages, auto loans, loans for furniture, boats, or other tangible property are not included in a debt consolidation loan, and neither are regular monthly costs like utilities, groceries, or insurance premiums.
When you obtain a debt consolidation loan, it is significant to keep in mind that the credit cards, store cards, gas cards, etc. will be terminated. You cannot use a debt consolidation loan to pay off a MasterCard balance while still being able to use the card.
My years of debt experience have led me to the realization that the banks, debtors, and insurance companies all share one thing in common: none of them provide instruction on how to increase your monthly or yearly income.
Everyone wants you to pay off your debts and any other property you may have. One day it dawned on me that while I wanted to pay off my debt and bills, my income was insufficient and there was no chance of advancement or pay raise without starting my own small business.
Then I told myself it was finally time to start a new strategy. I adopt a new debt strategy. But neither the next day nor the day after that, this thought struck. It takes me years to learn and discover how to exit debt consolidation. The trick is that you can’t wake up in the morning thinking that you’ll be debt-free by next Monday, next month, or at the end of the year.
You need to start imagining yourself free from debt because it has no place in your life. A debt-free life is something you must work toward and requires vision, diligence, and action. It is not something you can expect to receive from anyone.
Your ultimate goal after reading the success debt management newsletter will be to start accumulating wealth and earning income. Start considering starting an online business.
Get serious and ask yourself if you truly want this. The secret here is that. Making the right decisions in life and believing that if I can do it, you can too will empower you internally without having a business degree. Action is necessary, though. It’s a gold mine of knowledge, so get started now.
