finicity

Borrower Slave to the Lender

“The borrower is the slave of the lender.” – Proverbs 22:7

Most Americans are accumulating debt faster than they save. That’s according to the new report by Hello Wallet. This statistic spells nothing but trouble for most of our families and households.

If that’s you, here are few ideas for eliminating debt, once and for all.

  • Understand what’s the main reason behind your debt. It could be anything from credit cards / consumer spending to paying for more home or more car than you can afford to. Whatever “it” is, you need to be very aware what’s the source of your debt.
  • Once you know what’s the primary cause of your debt you’ll need to put together a plan, options for action. If your main issue is credit card abuse, you should pause all usage and simply focus on paying down your debt. If your car payment is way too high putting too much stress on your budget, than you may need to consider selling the car, paying off the loan and purchasing something with cash.
  • Once you have a plan of action, write your goals for debt payoff down, make them visible so every month you can mark your progress. Written goals plus daily visibility and frequent check points will help you stay on track.

Today's tip brought to you by Mvelopes and Monday4Life Coaching.