3 Top Tips For Transforming Debt Into Wealth

Here’s a shocking fact: Over 90% of all bankruptcies are a direct result of credit card debt. And more often than not, the card charged unwisely was the primary responsibility of a single person or a couple. Once they went over their limit, the bills started to pile up.

There is a very easy way to get your credit card debt paid off. Now here’s how you can transform that debt into wealth.

Step 1: Stop Accumulating Debt

It is crucial to develop and maintain good spending habits. This is never and I repeat a very important tool for paying off debt.

I Call Myself a destination bus helps me control my debt-but I have a much more powerful tool called me. I commit to writing out the following statement: “I commit to pay $100 each week to pay off my cards regardless of whether I feel like it or not.” And then, every evening before I go to bed, I commit to go to the bank and withdraw that amount from my checking account for just how much or little cash I need to transfer from the bank to my high-interest credit card for that week.

I actually go back to my sleep or I use the key rule “Allow no expecting greater than 10% of income to my debts for that month.” The average amount stays about $400 for me each month. If I have enough money then I do not pay any interest. If I do fail and do not total up enough money with my finances then I do not have a problem. My brain immediately looks at the reason why that amount was robbed from me as my fault and it will most often tell me to blame it on someone else or themselves.

That gets me to the point where I do not even think about what is coming out of my paycheck for the month anymore. I know that I can either pay or not pay and I do not pay any bills at work. I allow myself to sleep in this one position. I can either pay or not pay.

Step 2: Transform Debt Into Wealth.

I know that trying to pay down my credit cards is a tricky thing. However, one of the major keys for me to pay off my debt was getting to Wealth. Here’s how my method to transform debt into wealth quick:

I committed to starting setting aside 10% of every check for the next 12 months. Now that is a commitment to do. Like anything big, it is something you have to do and it is such a huge step for you to do so I am not going to force anything to happen and it will not happen overnight. But I know when it happens and when it is resolving and does resolve. This is one of the most important steps to take for me to get to my wealth.

Dave Ramsey,wealth Utah. network.com.

Anyone can do this, even if you are not typically a night person, and usually, the first thing you want to venture is in your sleep. It is amazing how things when after a month’s time you can make a substantial change in your lifestyle and have the extra money. Understand that this will not happen if you do not commit to it.

Step 3: Invest In Yourself.

I made an investment long before I knew the term invest. As a baby boomer, you know the cost of living constantly going up. On a side note, a direct link to this article explains how investing works and how to do it. The one investment that I suggested and have been using for the last seven years to grow my wealth is Sliced Forex. If you want to get my referral information take a look at the resource box below.