HOW TO PAY OFF DEBTS FAST + GET RICH

How to pay off debts fast * get rich * stop home being repossessed * get out of debt * how to pay off debts fast * avoid bankruptcy

To fully understand why I am talking about how to pay off debts fast and get rich in the same breath, you need to go to the previous page about how to get out of debt if you just came through to this page by a search engine. Getting rich comes later, right now finding a solution to stop your home being repossessed or how to avoid bankruptcy is the more pressing issue right now.

Having lost my house, I know the psychological affect it has on you and it is something you need to avoid as far as it is physically possible. No doubt your lender or bank have already declined further assistance but this does not mean that there are not mortgage brokers who know mortgage lenders that will not consider you for a remortgage or debt consolidation loan and you should explore both these options. The most important thing is to get yourself back on a stable financial footing where your income exceeds your outgoings and rolling all your debts up into a more affordable monthly payment is one way of doing this.

If your debts are so insurmountable that you feel that filing for bankruptcy is the only alternative, you should at least explore the possibilities of an IVA or individual voluntary arrangement. These are government approved schemes whereby an insolvency practioner intervenes and negotiates with all your creditors on your behalf. You can get a huge proportion of your debts written off and you end up paying a substantially reduced monthly payment for 5 years, after which time you are considered to be debt free. You need to owe more than 15,000 to more than three creditors and be in gainful employment to qualify

Explore all three options before making any commitment:

Remortgage

Debt consolidation loan

Individual voluntary arrangement

If you do nothing, this is the one time when nothing won't happen; your financial problems will get worse, you could end up losing your home and you could be made bankrupt. Acting positively will make you feel better, talking to sympathetic and understanding financial advisors could well sort your initial problems out and then you can start to get your life back on course. Having possibly borrowed more money to consolidate all your debts, you have to make a commitment to not borrow anymore money ever again, for anything or any purpose other than buying property. This may seem a tough decision to make, but if you stick to it, you will find that building wealth is less hazardous.

However, this is just the starting point of turning your life around. Obviously I don't know how you got yourself into debt and what your personal circumstances are now so I can only generalise. It may be that you have just gone on an extended spending spree and run up credit cards and store cards. You may have lost your job, fallen ill or gone through the break up of a relationship. Whatever, the reason, this point is now the lowest you must allow yourself to fall and from now on, you need to start climbing again.

Your household, like any family is like any business. It has an income, it has outgoings and it has assets. The income may be small, it may only be generated by one person but it has to be higher than the outgoings. Failure to manage this properly will allow you to slip back or deeper into debt. So do your sums, work out where you can make savings and how you can generate more income.

Reducing your utility bills and introducing friends who would also like to save money on their electricity, gas and telephone bills is just one way of saving money and earning a bit of extra cash but this is just a start. You have to look at your whole lifestyle and where your money is being wasted. Increase your income by 10% and reduce your outgoings by 10% and you will soon start to feel better off. This is not going to make you rich but you will soon get an understanding of where this is leading too and why it is an important element to the accumulation of wealth.

Finding ways to cut your monthly outgoings and earning extra revenue are covered later in this article and can go a long way to paying your debts off fast.

How much food do you waste, in fact how much money is being wasted on junk food rather than preparing fresh food which is far cheaper and healthier? I believe that there is a distinct connection between debt and obesity. Show me somebody who has built up large debts and they will invariably be overweight. Poor diets are always more expensive than a healthy diet and poor diet is always down to the fact that the person is too lazy or tired to prepare a proper meal. A poor diet leads to tiredness which leads to lack of exercise which leads to obesity and you have someone who doesn't have the energy to do or make even the smallest effort to improve their situation.

On the other hand, someone on a healthy diet, has the energy and the motivation to do many things and physical fitness usually leads to financial fitness. Wealthy people are busy people, they are invariably slim and energetic, multi-taskers who find the time and energy to make money, eat well and fit numerous things into their lifestyles. Whilst overweight people will get a takeaway, lounge in front of the television and moan about their income and debts. Successful people work long hours, have ideas, make lots of money and have the energy to fit ten times as many things into their lives as the couch potato who simply looks at someone who is wealthy as lucky.

Now you may be wondering why I am banging on about diet when you are worrying about debt problems, having your home repossessed and bankruptcy but you will discover that diet, financial health and financial fitness are as inextricably linked as laziness is linked to diet and mental health. Unless you change everything about your lifestyle, from your spending patterns, to your attitude to earning and making money, to your diet and physical fitness, I cannot show you how to stop repossession of your home or how to avoid bankruptcy.


 

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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