Debt reduction is something that most people want but many aren’t sure how to get. There is nothing wrong with having no debt. In fact, it’s a dream that most people have. It is a dream because the stress and responsibility associated with debt will be eliminated. Those that achieve that dream have the freedom to do with their income as they see fit. It’s something they are proud of and something that everyone wants because they feel it will lead them to financial freedom.
Reducing debt is something that most people want but they aren’t sure how to get it. When it comes to reducing debt, it can be done in 3 steps. It’s very simple to reduce and eliminate debt but it’s also very intimidating for people to do. Although it’s intimidating, it’s something that determined individuals do because they want to have financial freedom in their future.
Step 1: Find Motivation
Everyone wants to reduce and eliminate their debt but very few people do it. The reason everyone isn’t successful in this is because they don’t have a lot of motivation to do it. That is a huge piece of the puzzle. In today’s age, it’s not enough to want to do something. Most people want to have a tangible result after their efforts are over.
What people should do is take the time to think of what they will have when they have reduced or eliminated their debt. There are some that will be free of the constant phone calls and bills in the mail. There are some people that are ready to take their dream vacation and others that want to increase their savings by leaps and bounds. No matter what the motivation is, it’s important that the motivation is there.
Step 2: Make a Plan
After the motivation should come the planning. The debt that has accumulated took some time to make so it will take some time to reduce and eliminate. There is no magic button that can be pressed to make it all go away. Having a plan gives people a way to get rid of the debt that is choking them.
When people begin to make a plan to get rid of their debt, they should make sure it’s an achievable plan. There is no right or wrong plan to make. There is no specific timeline to follow that is wrong. It’s something that has to be comfortably aggressive for each person and that is something that is different for EVERYONE.
And when making the plan, make sure to write it down.
Step 3: Execute the Plan, Watch the Motivation
There is nothing left but do it. Everyone that has the proper motivation and a plan has no excuse not to be able to get rid of debt.
These three steps seem simple and many don’t think that debt reduction and elimination is that simple. It is. Of course all three steps will take time to complete but it is well worth the time spent. Debt is something that almost everyone has to deal with. Taking the time to complete three steps is what makes the difference between financial freedom and constant debt and worry. Debt reduction doesn’t have to be complicated. Take 3 steps to achieve debt reduction and elimination.