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Debt is a four-letter word with big ramifications. Too many financial obligations can drive down your credit score and influence interest rates on car loans and electronic purchases. Debt can even close the door to your next home. You deserve better and that is why I am excited to provide you with a few tips to get you on the path towards financial freedom.
1. Use the Power of Negotiation – You do not need a law or business degree to negotiate with creditors. Many of them will negotiate with you to lower your interest rate, which will allow you to pay off your balance faster. When you do achieve a better rate cut up your credit card(s). You will be less tempted to use them.
2. Get a Transfer – If you have long-term debt, consolidate all that you can to a credit card with a low interest rate. Likewise, short-term debt should be transferred to one of the low, introductory rate cards so you will pay the least amount of interest.
3. Think Positively – Take a moment everyday to imagine yourself debt-free. It sounds odd, but positive thoughts do reap positive rewards!
Pass along these helpful tips to your friends and family. I would be happy to discuss with you how debt affects your buying power, especially when it comes to real estate. Debt can be crippling, but it does not have to be.
