Tuesday, February 24, 2009

Get Rid of Your Debt

"Get rid of your debt before it's too late", this is my mother in law told my husband and I when we got married nine years ago. She also mentioned that once we paid them off never ever get another one. We listened with half of what she said and not with the other half. However, we have less debt now than before and whatever credit we have now, we got it after paying off what we have then. When we bought our house we are debt free, because we received a nice amount of gift from a family member. Then the washing machine, refrigerator and the water heater broke and one income coming into the household is not enough. The stores are so willing to give us credit for these appliances, when no cash in hands they look promising. If we know then what we know now, we should have just borrow the money from people we know and pay it back with no interest.

Not everyone is this lucky and needed debt help on how to become debt free. They need to protect themselves about credit on how to deal with debt collectors and consumer credit rights. If you don't know anything about it, I suggest calling them up and speak to one of their financial adviser to evaluate your specific needs. Getting your credit in the right track is not an easy task. We are in our way to become debt free by the end of this year. Our vehicles are almost paid off and we will make it last until we have enough cash to buy a new one. We both agree that financing a new vehicle is not an option this time. If we don't have cash to pay for it in full, don't buy it. I think it is a pretty good way to stay debt free these days.