Step One:  Assess Your Situation

When you begin to transform your financial life, its not about emotions, its about having a plan that works and that is easy to follow so the stress is gone and you can live a happy life.  To begin, the first thing you need to do is determine how many credit cards do you have and how much debt you are in.

Collect all of your bills from the past month and set them aside in a pile for the moment.  Collect all of your pay stubs for the last month for whomever assists in creating money for your household and set those aside, too.  Make sure you have either a pencil/pen and paper or can use a spreadsheet on your computer.  It's about getting all the information down first so you can really see what you have to work with.

Okay, take a look at your pay stubs an then list them on your paper or spreadsheet and create a total for your take home pay.  ALso list any other income from child support, alimony, eBay sales, etc that are recurring and you can count on each month.  Do not list garage sales and other types of income, unless they produce predictable income every month.

 

   Step Two:  What do You do Next

Okay, take the pile of bills you set aside before and create a list of the following:

Name of Creditor - Total Amount Owed -  Annual Percentage Rate (APR) - Minimum Payment Due (or what you actually pay)

Your list might look something like this:

Store XYZ        $1500       18.9%        $15

List all of your credit card debts this way and at the bottom of the page total the amount you owe and the amount you pay each month (minimum payments or more) If you do not make the minimum payments list the minimums in the column and then create another column with what you do pay.

 

Step Three:  Set a plan and course

Part of setting a plan in motion that works is that you have to know where you are going.  It's like trying to get to New York from Los Angles by boat.  You can do it, but why?  It's way to much trouble, takes too long, and there are a lot of things that can go wrong on the trip.   In this case you need to begin to think differently.  How about driving, taking a train, or fly?  The same goes for your debt.  You need to begin to think diferently and program your mind to see things you didn't in the past and to create the success vector instead of the debt vector in your life.

Here is the reality check:  It won't happen overnight and it will take some effort, but it does not have to cause pain and suffering. Okay, so you are in debt, maybe even huge debt.  It is where you are and you should take pride in knowing that if you're reading this you are taking action that will transform your life forever.

 So how do you set a plan in motion?  First you need to find your "there."  You know where you are, in debt, but where do you want to be in 12 months, 3 years, 5 years?  Take a moment to write down your "there" and make it a real possibility even if it might be hard to make.  Don't go all pie-in-the-sky and write "Pay off all debts in 30 -days," unless you think you can really do that.  For example, let's say your "there" is be debt free in 3 years.  Great! That's a transformational"there."

So you know where you are and you now have your "there."  Time to get in gear and make it happen. 

Before we go further...  Some people will know by this step that they are so overwhelmingly in debt that they need immediate assistance. For those people I recommend the National Foundation for Credit Counseling.  They are the watchdog and they can guide you to certified counselors in your area.Beware of all the scam artists who will take hundreds of your dollars up front and literally rip you off and leave you in more debt.  Go to www.nfcc.org and they will be able to help and guide you for all counseling services.

 

 

 

Step Four: Take Action Now

Good on you for getting this far.  Now when it comes to getting to your "there," you have a few methods of achieving your gaol.  You can: pay more on your bills, make more money or, you can do something else.  For the moment let's stay with the "do something else."

As I spoke about above, you can get counseling or you can call your lenders directly and negotiate your way to lower payments, lower principle or longer payback terms. We cover how to do this in the Dump Debt Grow Wealth System, but you can pick up the phone and call directly.  Many times this strategy works quite well and people save a lot of money.

No matter what, doing nothing is a terrible option.  Take action in the present and make a transformation in your life from a debt-based person to a wealth-base person.

To order you own Dump Debt Grow Wealth System click here and I will gift you a  copy of my new critically acclaimed, full-length movie, "UR Pre-Approved"that is available on the internet right now for $20.  This movie can help you, your family, and your children get out or stay out of debt.  It is that important. 

 

 

 

Step Five: Follow Up and Track Success

Once you have your plan and you have charted your "there" you have to keep track of what you are doing.  Trust me, I know.  You can let the bills pile up on the desk and ignore them, but they will not go away.  Keep you notepaper or spreadsheet handy so you can see you progress and track your successes.

I know it sound cliche, but give yourself some slack about being in debt.  You got there because of some decisions you made, but part of the problem was that you were lead there with the promises of happiness and ice cream and I bet you were never told about how bad, bad gets when you get in over your head.

I would love to hear about your success stories, so please send them to me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

 Go get 'em Debt Dumpers!

Randall

p.s. Remember - you can only get "there" if you take an action in the "here" and now and I will give you your own copy of my new critically acclaimed, full-length movie, "UR Pre-Approved"that is available on the internet right now for $20.  This movie can help you, your family, and your children get out or stay out of debt.  It is that important. Click here to take action and transform your life and order your unlimited access copy of the DDGW System.