Several finance bloggers make suggestions on how to get rid of debt quickly. Most of these suggestions are practical and many have already been tried and tested by the experts. However, as in any other field, there are still some experts who simply ignore the reality and only focus on theory. They tend to focus on theoretical issues and forget about the practical applications. Hence, when you read their suggestions, you will be left with a lot of questions that they answer but never solve.
The first thing that is often mentioned is that you should stop paying your credit cards. This is one suggestion that has been repeatedly made by finance experts. However, this is not really practical because most people actually pay their credit card bills regularly. Furthermore, if a person does not use his or her card regularly then it does not mean that the person does not have sufficient funds to pay for everything or that he or she will not be able to pay back the debts at all. It is more likely that you will use your card to buy things such as groceries and other basic necessities. Hence, stopping your credit card payments will not eliminate your debt.
Another suggestion is that you should create or start building a savings account. This is another very effective way to eliminate debt because this will provide you with a ready source of passive income. Passive income is income that you earn from your financial assets such as stocks and property and is not dependent on your job or other sources of income. Hence, when you start building up this passive income, you will easily be able to eliminate debt.
Another thing that finance experts often say is that you should quit using your credit cards or get rid of your credit cards. This is a completely useless suggestion because the credit cards provide you with a way of purchasing goods and services. If you do not pay for the goods and services that you purchase using your credit cards, then you will incur interest charges. This will make it even more difficult for you to pay your debt down because the more money you spend, the more interest you will incur. Therefore, it makes much more sense for you to save money instead of using credit cards to make purchases.
The other suggestion that finance experts often make is to invest in assets such as the equity in your home. However, this idea is impractical because it requires you to have a sizeable amount of money before you can sell it for a profit. You may want to consider using the equity in your home as mortgage payment instead of using cash. Another option that you have is to use an interest-credit consolidation loan that will require you to pay back interest. This will further compound your debt because the interest credit consolidation loan you receive will be subject to variable rate of interest.
Therefore, the idea to Abolish Debt Fast is to use an effective online strategy that will help you reduce the total amount of debt that you owe and eliminate the interest charges on your accounts. You will need to invest the time to research online strategies that will work best for your individual needs. It would be wise to choose a debt relief company that will provide you with a personalized strategy that will fit your personal needs. Once you have chosen the best option for you, then you should immediately register your domain name and social media account so that you can quickly begin using your new found knowledge to help you to eliminate your debt and rebuild your financial future.