- No mortgage payments.
- No car payments.
- No school loan payments.
- No consumer loan payments.
- No medical debt payments,
- No personal loans.
- Nothing. Notta. Zilch.
What does that feel like? Freedom? Liberation?
As a culture we have become so accustomed to the pressure that comes with debt that we assume that it is just part of the game. We had a client recently who relayed a story of a car vendor who thought it was un-American not to have a car payment. We disagree! The road to debt elimination is a long road to travel for some but one with a great destination.
This year, is it possible for you to eliminate one debt from your list? What if the next infusion of cash you received (say your tax return or bonus) was used to knock out just one of your debts? And then don’t replace it with another one. To get debt free you have to freeze your debt and then get rid of them one at a time. Some experts call that the debt snowball.. FREEZE AND THEN START THE SNOWBALL.
Over time you can be debt free. It takes focus but it can be done. We call that debt freedom!
Tim Howington is Executive Vice President for Freedom 5:one and is one of our Financial Life Coaches. He lives with his wife Terri and son Josh in Rogers Arkansas.