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HomeBlog Debt ReliefHow To Find Your Way Towards A Successful Debt Freedom
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How To Find Your Way Towards A Successful Debt Freedom

September 7, 2013 by National Debt Relief

debt pit with ladderPeople in debt are not just after paying off their debts, they want a successful debt freedom. But what does that mean?

Being debt free is one thing. Unfortunately, if you are not careful, there is a possibility that it will be short lived. You need to go through the right process in order to really learn your lesson. While we all want to get out of debt fast, you need to take it as slow as you can in order to drive the lesson firmly in your head. Just like someone who lost weight needs to continue regulating their meals, you also need to be vigilant about your monetary transactions. That is the only way that you can be assured that you will make your debt freedom last forever.

Steps to a life free from credit obligations

Anyone in debt will tell you that the road towards debt freedom is not easy. While the concepts are simple, they are not without hardships. You will be tempted left and right, you will be asked to restrict your lifestyle and you will have to go through some sacrifices that are necessary to achieve freedom from credit.

There are many ways to become debt free and if you want to be successful in your efforts, you have to accomplish at least the following tasks.

  • Define the mistake that led you in debt. The first step is vital to maintain debt freedom – it is knowing what caused you to be in debt in the first place. While people usually blame bad spending habits, that is not the only cause for debt. Sometimes, people pay their dues and make smart spending choices but since they lack in savings, they got themselves in debt when an emergency struck.

  • Find out how much you owe. When you have an idea about the cause of your debt, only then can you find out the gravity of the problem. Know how much you owe and also, determine if you can stop acquiring debt. In some cases, debt is brought about by an illness and if you haven’t stopped incurring debt because of an on-going medical treatment, that will affect your choice of debt solution.

  • Calculate how much you can afford to pay. Another factor that determines the debt relief program that you will use is your ability to pay off the debt on a monthly basis. If you are able to pay your debts without a problem, debt consolidation will suffice. But if you need a debt reduction, you will require debt settlement.

  • Decide on the debt relief program that you will use. Based on the information that you have determined so far, you should have an idea regarding the type of program that will best suit your financial condition. Choose depending on your ability to pay and what you are willing to sacrifice. Sometimes, you may be able to afford the payment but you cannot stand the long wait or the credit damage that the program will require from you.

  • Follow the payment schedule. Once you have made your choice, you have to ensure that you will stick to it and follow it to the end. Given the circumstances, you do not want to to waste your time, effort and the little money that you have set aside for your debt payments.

  • Learn the habits that will correct the mistake you made. Since you have defined the mistake that got you in debt, you should find out the habits that will correct that. If it is lack of an emergency fund, you should start building that up. If it is overspending, you need to start practicing smart spending habits.

Follow all of these steps and you should have the things that you will need to keep yourself out of debt.

Key to make your debt free life last

The key to make your new found debt free life last is to practice proper financial management. In the end, you will realize that it is the one thing where you failed at. Debt is caused by several mistakes that you made in the past. You want to make sure that you can eliminate the wrong financial decisions – if not limit them.

Here are some tips that will help you practice financial management skills that will keep you from committing the mistakes of the past.

  • Live below your means. You have to make sure that you start living not just within your means, but below your means. By doing the latter, you will free up some money to be spent on either debt payments or your savings.

  • Create a budget. The only way that you can do that is when you use a budget to help monitor your financial activities. Know your income and list the expenses that you will spend with it.

  • Make smarter spending choices. You have to understand that even if you can afford to buy something, it does not mean you have to buy it. Sometimes, it is better to just put it in your savings.

  • Grow your savings. In the end, your savings will help you out of the unexpected expenses that will come your way. That will keep you from borrowing money just to help yourself out of those tight spots.

  • Equip yourself with the knowledge that will influence your decision making. There are many online resource sites that can give you the education that you need. You have MyMoney.gov that is a government sponsored website that holds relevant personal finance information.

Here is a video that we created for you to help you understand the emotional process that you have to go through in order to solidify the debt freedom that you want to achieve.

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National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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Easy National Debt Relief Caller: Austin Transcribed WE 1/17/2021 Austin: Our call may be recorded. What led you to National Debt Relief and why did you choose National Debt Relief over a different company? CARA: Honestly, it was just kind of on a whim. I just saw a commercial, I think, and then looked it up. And we were just tired of living paycheck to paycheck and not feeling like we were getting anywhere with our debt. Austin: What were your thoughts and was wondering as far as like the enrollment process, what process or where are you at this point in the process? CARA: We are almost done. Well, they've paid off almost everything or we've paid off almost everything. We're working on our last credit card. So I think our last payment will be in December, so nearing the end. Austin: Do you remember the name of the negotiator? I'm sure you've probably worked with a couple of people, but what's the name of the negotiator that you worked with? CARA: Well, I didn't really, I guess really work one on one with like one negotiator. I don't think. We just got email saying, "This is where we're at with this. Do you agree?" you know, type situation. Austin: Do you feel that there's anything that maybe the negotiator did well or anything that they could have improved? CARA: No, I don't think so. Nope, I don't think so. We've been happy with everything so far. Austin: Have you seen any positive impacts from working with National Debt Relief, just to kind of notice any changes to your life? CARA: I mean, definitely less stress, and then we've just been able to be better about our spending and our budget and everything. It helped get us on track. Austin: How would you rate your experience with National Debt Relief on a scale of one to five, where five means you would recommend to friends and one means very dissatisfied? CARA: I'd say 5. Austin: Would it be okay if we shared your comments as a review on our public site with a first name and city only, they're for National Debt Relief and to help other consumers make good choices? CARA: Probably not. I live in a smaller area. If anybody were to hop on and say Cara from Beddington, they would probably know. Austin: We can definitely remove that 'cause we very much respect your privacy. So we can either remove the name and just do a ‘C’ or completely remove the city and just do like ‘Cara from the USA’ whatever -- mainly comments than identifying you, I guess would be important. CARA: Yeah, I don't care if you use like my name and just put USA. I just don't -- where I live, it's not a very big area. Austin: I can totally respect that. Not a problem at all. CARA: Yes, we are a little bit of ashamed of having to go this route, but it was what was best for our family at the time. Austin: Would you like us to email you a link to that review whenever it's published? CARA: Yeah, that'd be great. Austin: Our call may have been recorded.

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