Today I’m introducing the 5 steps which helped me to enjoy credit freedom. Apply them also if you want to eliminate bank bonds completely and become financially free.
Step 1. Look at the truth in the eyes
If you have loans, you can not just shake your head in the sand like ostriches and assume the problem alone is going to be fixed. Relax and take a detailed printout from your lender
Step 2. Win fast wins
If you are already aware of what you should overcome, you may apply basic steps to reduce the amount or interest of your bills. You’ll be surprised at how helpful and responsive the banks are going to their good customers.
One more thing you can do right now would be to unite your obligations, especially if you have high-interest rates.
Step 3. Make your family budget
This is actually the first step toward paying back your loans. It looks like something basic, but it’s an effective tool that will get you close to credit, and then to financial independence.
Step 4. Make a plan
Many people are tempted to pay back first loans with the smallest balance, however it only has a psychological impact that a loan is gone.
First, pay back loans with higher rates first, then those with lower ones.
Step 5. Act and reward
When you have a plan of action, you won’t worry when you have to pay your monthly loan payment. If you make it a priority, every free pound should go for the Credit Independence Fund, as I did.
Before I was wondering what to buy (or how to invest) the money from the bonuses received. I realized that the biggest effect in the financial dimension could have if I paid back my cash loans off quicker. So that it was. Ever Since I no more had any obligations, the investments began to grow really quick.
Should you follow these steps or at least a few of them – celebrate. Do something that pleases you to feel the progress.