Do you want to know how to become debt free? Are you one of the millions of Americans who have come to see the American consumer culture as being toxic to budgets and to lifestyles? Are you ready to live a life in balance with your finances? This article will show you how to become debt free.
How to become debt free begins with taking stock of your current assets and liabilities. You may be shocked to find out just how much you owe and just how little of value you own. With the recent declines in the housing and stock market, a good percent of Americans now owe significantly more than they own.
Once youve taken a personal finance inventory, the next step in how to become debt free is to make a budget. A budget often means making painful choices between what you want and what you need.
There are some things that are non-negotiable. Unless you are prepared to give up your home, making the mortgage payment is a necessity. If you want to become debt free, making payments on credit card debts, medical bills, and any other bills are mandatory.
Then there is the category of necessary, but with discretion. Any number of lifestyle choices fall into this...
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