Hey all,
Here is tip #3, the final tip of this series:
Do you have self control? If you are in debt chances are no (not always the case, I know). If you can acquire self-control and learn the art of discipline then there is a fairly quick way to can get on the right track.
The theory is simple, pay off high interest debt using lower interest debt with more favourable terms. The idea is that this will free up cash flow and enable you more control to pay off your debts.
The easiest way to do this is if you have access to equity in your home. You can refinance your home and use that money to pay off things like department store cards or credit cards.
Nice in theory, I know. The problem with this method is that you will now have access to more debt. If you don’t possess the discipline to not use your credit cards again then you may find yourself in a worse situation than when you started. Remember to consult with a financial advisor before attempting this tactic.
If you would like a free step-by-step video course explaining this then grab a copy of my free video course:
http://www.thedebtsolutionsystem.com/financial_resources_kit/tdss_squeeze/opt.html
Cheers!
Daniel
|
