3 Debt Recovery Secrets Is Now in your Hands
3 Debt Recovery Secrets Is Now in your Hands
Are you still thinking that debt recovery is impossible? Are you thinking to yourself that you no longer have any hope of recovering from all the debts that you owe right now? If so, allow me to help you with these very simple debt recovery secrets, to finally free yourself once and for all.
We all know that being buried in debt is one of the most stressful situations any person can face. Hence, negatively affecting his performance with his current job, his family life, and eventually, his own personal well being. Often, when a person is buried in debt, he easily gives into the idea that debt recovery is impossible due to pressures involved. Here are the debt recovery secrets that will definitely help you eliminate bills in the long-term.
Create money jars.
Money jars are bank accounts with three different functions and uses. The first bank account is known as the need-account. The need-account will be where you will get your needs from. These are real needs like food, clothing, shelter, and other important stuff to support your simple life.
The next money jar/bank account is known as the freedom-account. This will be the account where you will put 20% of your monthly net income. From the word freedom, this will be the account that will allow you to retire early and attain financial freedom. Though, if you are in a situation that you are buried in bills, you still need to use the 20% of your income to free you from debt. So for the moment, park this account first until you are bill free.
The last and very important money jar is called the debt recovery account. Obviously, from its name alone, this will be the account where you will put all your money to pay off your existing debt.
Transfer all your bills to the smallest interest rate possible.
The next step will be to evaluate and look at all your accounts, and transfer all of it to the one that gives you the lesser interest. For example, personal bank loans are usually low interest loans compared to credit card debt, so the best debt recovery strategy here is to consolidate all your debt to that personal loan and pay off all your debts through that account.
Furthermore, remember to use the money jar concept and get the money to pay off your bills in your debt recovery account. This practice will help you build discipline on where to get funds and how to properly budget your money.
Negotiate for a lower interest rate.
Many of us forget that bankers and credit card solicitors are also human beings, so we fail to realize that they also have feelings, and that they could be persuaded into helping us lower the interest rates with our debt. Hence, take action and negotiate for a lower interest rate. You will be surprised with the results you can get just by asking.
Since you have already learned the secrets to debt recovery, don't fall into the trap and kid yourself that you can always get of debt anytime. Experiencing first hand the difficulties of debt recovery should have taught you enough value to stay healthy in your financial life.
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