Remember the last time you borrowed your friend’s camera or a pair of shoes or a guitar? You know how it’s like to feel the need to return it back safely right after using it. That wasn’t a debt, you only borrowed it but keeping a belonging of another makes us always feel a bit bad on the inside. That’s the feeling of a free soul, free from liabilities and dues. Often people say that settling off debts is not as easy as getting one and that’s of course true because majority plan on credit approval more than settlement.
There will be people dying to get rid of dues and then there can be one of you who loves spending through credit cards, delaying rentals, forgetting to pay bills, accruing loan instalments and this creates a lot of mess, not only to you but also to your creditor, their mediators and their debt collection agencies who will be actively reminding you of the repercussions you’ll have to face in future. Once the tail starts burning up, most of you tend to run around with anxiety than to stay still and attempt to turn down the fire. As you read ahead you’ll get to know 4 ways to be debt free.
1) Be Clear and Focus
It’s important that you understand the amount of debts in hand and knowing that accruing is a solution you can turn into. You must be clear on the fact that, being honest to yourself as well as your creditor is a way of respecting the trust he/she kept on you and start focusing on one goal which is settlement.
2) Stop Piling
You must think and act like an adult and stop piling more debts because the more you add, the harder it gets to settle it all. You’ll probably end up having to cut down on current consumption for the repayment if dues get stacked upon.
3) Plan your Spending
The income you get should be properly planned before spending as money becomes highly valuable during a period of becoming liability free and you must not forget that, “Every penny counts!”
4) Liquidate Assets
If there is no way to get out of debts with the liquid funds in hand, then you may have to liquidate one or two of your assets in order to settle dues off, otherwise the more accruals can cause in higher penalty that would make it even more impossible to get rid of. If you had waited till it got crucial up to this point, then debt collection agencies may also issue letters of court orders or statutory demands to have you pay back with whatever assets you hold.
Becoming liability free cannot happen overnight unless you sell off a highly valued property but if you choose to repay them systematically, all what you’ll need is the commitment to stay focused and proper plan to stick to and yes, then you’ll meet a debt-free-soul!