Adrian Newman’s latest ‘e-Wealth Daily’ article is titled “Five Secrets That Could Get You Out of Debt Fast”. [Adrian Newman’s Article]


Adrian Newman’s latest ‘e-Wealth Daily’ article:

Five Secrets That Could Get You Out of Debt Fast

Did you know that the average U.S. household carries $5,600 in credit card debt on 11 different cards?

The best way to get out of this sinking hole of debt is to stop sinking in the first place. Here are five get-out-of-debt-fast secrets that could put you on the road to ending your debt forever:

Tip #1: Sleep on It!

When you find something you want to purchase that costs more than $50, don’t do it! Give it 24 hours and ask yourself these three questions:

1) Do I really need it?
2) Will it make me happier or my life any easier?
3) Is this the cheapest way to get this item?

If you can answer “yes” to ALL three questions, then go ahead and make the purchase. However, be honest with yourself. Retail stores use certain techniques and tricks in order to get you to make an impulse purchase. By giving it a day, you’ll be able to think clearer and make the right decision. Nine times out of 10, you’ll realize that you actually don’t need the item!

Tip #2: Pay Cash for Gas

This also applies to bags of potato chips, “Twinkies,” and other sundry items. By using a credit card for any small items that could easily be paid for in cash, you are increasing the price of what you are buying by the interest rate of the credit card.

Set a budget for a month. Take out cash at the beginning of the month and don’t use any other sources until that cash is gone. By keeping the receipts of everything you buy for one month, you’ll be able to gauge how much you’ll need and you won’t have to dip into other resources.

Tip #3: Save Your Dough and Ditch the Plastic

Want a new TV? Save $30 a week in a higher-interest bank account. If the TV costs $300, it will only take you 10 weeks to come up with the money. To put this example in perspective, if you started saving that amount last Wednesday, and every Wednesday after that, you’ll have the $300 (plus a little bit of interest) for that new television in no time. Plus, by saving money, you’ll also adjust your thinking to find better bargains, because you’ll know that you are restricted to a certain price range. You may even get the TV for cheaper, because you’ll want to buy it sooner!

Tip #4: Forget the No-Interest Plans

A friend of mine got stuck on this one. He bought a brand-new leather couch for $2,000. He decided to pay it off monthly with no interest for one year. Sounds great, right? Well, a few months into the deal, he spent $500 on his car and he missed a couch payment. The next month, he was charged 20% interest on the remaining balance!

Don’t fall for what seems like the easy way out. You’re better off taking the “Don’t pay a cent for one full year” deal, because you can save for that year. However, the best plan is just to pay for the item with cash up front!

Tip #5: Barter for It!

I’ve said this before and I’ll say it again: You can trade your goods and services for other goods and services. I do this all the time and it has saved me literally thousands of dollars. Now, you will need to go to smaller stores to do this. Don’t try to trade your watch for that air conditioner at Wal-Mart!

The next time you’re in a small store, look around. See what the owner is interested in. If you have something he likes, you could trade it with him for either a discount or even the entire price of the item!

By following these five steps, you may start noticing your debt leveling off in just a couple of weeks. Then, you can take your savings and use them to pay off your debt. Within a year, you
might not have any credit card debt remaining and you could be living a better lifestyle by maintaining these five strategies.

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.

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