There are two types of debt – good debt and bad debt. Good debt helps you increase your wealth while bad debt works hard toward impoverishing you. It is therefore important that you are able to differentiate between bad debt and good debt. This distinction will help you to determine which debts to eliminate and which ones to retain and maybe increase.

Once you have determined the bad debts that must be eliminated, the next thing to do is to review your spending plan. If you do not have a spending plan we can give you a template you can use. With the spending plan you will be able to find the right balance between income and expenses.

Many people usually assume that their income cannot cover their expenses. This assumption is what gets people into a nasty debt situation in the first place. Your spending plan will show you the necessary adjustments you need to make in your lifestyle in order to get out of debt. Once these lifestyle adjustments are made and maintained, the rest is a piece of cake.

Smart Choice

To make smart choice about your debt situation you need to understand the following:

1.             The different types of debt.

2.             What debts do you need to eliminate.

3.             How to develop a spending plan

4.             How to develop a debt payment plan

5.             How to negotiate with your creditor

6.             How to be disciplined with your plans.

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