Almost everyone's wallet contains some debt. Children grow up with the notification that debt is a normal part of life. Television commercials offering new cars for low monthly payments are enticing from the earliest years. The home they live in is mortgaged to the bank. Children learn that in order to live the life they see as comfortable and desirable, their parents must charge almost everything. Increased debt ever leads to an increased need to eliminate all the debt and lead a debt free life.
Anyone who chooses debt elimination, and to live without debt, can expect greater happiness, less stress, and more money on the other side. What is a debt elimination and debt free lifestyle? It is one in which you owe no debt on anything that you own. You CAN move from carrying large amounts of debt to being debt free by following these two keys to debt elimination.
1. Pay Cash. This may seem obvious; but a lot of people have trouble with eliminating the creation of new debt. Making choices based on not creating new debt can lead you down a sound debt elimination path. People often have trouble accepting the fact that they can not have everything they want, but being able to afford the monthly payments is still debt. Buying only with cash will free you from creating new debt.
2. Discard the Credit Cards. The day you choose to be debt free, you can throw away the credit cards. Living the debt elimination lifestyle does not mean charging less money; it means paying with cash and charging nothing. Remove the lure of credit by eliminating the convenience of owning a credit card; This is the only path to the debt free lifestyle.
Do not fall for being able to afford the minimum payments. That is not the path to becoming debt free. Escape the stress and financial strain of owed too much money; eliminate all your existing debt and do not create new debt.