Introduction to Debt Elimination

Most people simply never imagine that they will find themselves beneath the crushing pressure of debt. Even so, a number of situations can give rise to debt problems, including the widespread use of credit cards. As a result, a large percentage of the population is more in debt than ever before. Most people never give a second thought to the current high levels of debt due to the fact that it has become such an accepted part of out culture. When the time arrives that one finds themselves in deep financial trouble where they are unable to keep up with the minimum payments, it my suddenly become clear that something must be done to remedy the problem.

Unfortunately, eliminating your debt is not something that can be accomplished overnight. It will take some time before you are able to pay off your debt and form a system where you will be able to stay out of debt.

With that said, if you are truly willing to work at it and you desire to remain debt free, you can do it. You should know upfront that eliminating debt and staying out of debt will not allow you to live a completely carefree lifestyle but it can help you to lead a good life free of the encumbrances of debt.

It should be understood that in order to eliminate your debt and remain debt free you must be willing to sacrifice a few things. This; however, provides even more incentive for you to work hard in order to achieve your goals.

In the end, once you have eliminated your debt you will have the satisfaction of knowing that you are able to enjoy your life without the cost of making someone else wealthy through massive interest payments every month.

Are you ready to become debt free?

Let's get started!

Table of Contents

Introduction

Chapter 1

Understanding Debt

Facing Reality

The Consequences of Debt

Factors Leading to Debt

   Overspending on Credit Cards

   Not Budgeting

   You Have Shopaholic Tendencies

   You Have Lost your Job or Experienced a Reduction in Income

   Not Recognizing the Importance of Good Credit

   You Have Experienced Personal Problems

Chapter 2

Setting Priorities

   Options for Paying off your Debt

Chapter 3

Developing a Debt Repayment Plan

Choosing a Debt Repayment Plan

   Pay off Smaller Debts First

   Pay off Highest Interest First

   The 50% Method  

Chapter 4

Special Circumstances

Talking with Creditors

Coping with Debt Collectors

Debt Consolidation   

Considering Bankruptcy

Chapter 7 Bankruptcy

Chapter 13

Exempt and Non-exempt Property

Means Testing

Chapter 6

Economical Living

Keeping Track of What you Spend

Putting Extra Toward Bills

Smart Shopping

Sales

Cutting Back on Technology 

Miscellaneous Expenses

Other Fast and Easy Ways to Save Money

Chapter 7

Bringing in More Money

Selling Items you Already Own

Get a Second (or Third) Job

Get a Better, Higher Paying Job

Chapter 8

Discussing it with your Family

Conclusion

Appendix

    Budget Worksheet

    Debt Sheet