How Do I Get Out Of Debt?

By Michael Peterson
In December 7, 2005

It’s a question we’ve all asked ourselves; anyone who’s ever owned a credit card, taken out a student loan, financed a car, or paid a mortgage has accumulated debt. Debt can feel overwhelming, but you don’t have to be a slave to it. You just need a little common sense and some budgeting savvy. Remember, you own the debt – not the other way around.

If you follow three budgeting rules, you can be debt-free twice as fast than if you carry on using traditional guidelines (like the minimum payment) and spending habits (like reasoning, “I can’t afford this now, so I’ll charge it”). Just because the rules are simple, it doesn’t mean that they’re always easy to follow. Some will take very little effort; others may be more difficult at first. But once you create a healthy financial habit and witness the results, you’ll never regret it. Read More …

Michael Peterson

Mike is the author of “Reality Millionaire: Proven Tips to Retire Rich” and he has been published in a variety of local and national publications including Entrepreneur Magazine, Deseret Morning News, LDS Living Magazine, and Physicians Money Digest. He holds a B.S. in business administration from the University of Phoenix.