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Free Info: How to Knock Out ALL Your Debt
By David Shapard of efusjon.com/dshapard
There are several companies and individuals that charge for the very simple process which I am about to share with you now. This process takes discipline and the ability to obtain a line of credit, preferrably a home equity line due to interest rates and tax incentives. You can consult your accountant or financial advisor for more information. It is not only possible to end your circle of debt but it is inevitable, providing you earn more money each month than you spend. First things first, establish your line of credit. The amount should be for a minimum of 2x your monthly income. Immediately use the amount equal to your monthly income to pay toward your existing mortgage or the most expensive credit account you carry. Categorize your debt by expense (interest rate & related fees) and when your bills are due. By knowing what kind of debt you have and when each debt is due, you can plan accordingly. Ok, without going into great detail about what debt is what, I will tell you to consolidate your monthly bills by using a credit card that has a grace period. The grace period is the amount of time the issuing credit card company will allow to pass interest free between statements, usually around 25 days. So, if you pay off your entire credit card every month, you probably know what I'm talking about and don't pay interest. If the card you are using doesn't have a grace period, it's time to get rid of it. Each of your bills that can be paid using this account should be paid on the very last day or two before you incur a late charge, thereby having your money work for you as long as possible. This card will act as your monthly consolidation account or 'sweep account' which means you will pay every possible expense with this card and pay it in full every month. This means your utility bills, the gasoline for your car, your gym memebership, groceries, fast food items, and all other transactions where a credit card can be used will go on this account. Almost everywhere you go today has the ability to accept credit cards. Keep in mind this should be a CREDIT card and NOT a bank card tied to your checking or savings. This method works best when you have control of exactly where your money goes and when in conjunction with the use of other people's money. This consolidation account absolutely needs to be paid in full every month through the line of credit you've established in order to avoid paying interest. The next step in this process is to change where you put your hard earned dollars every paycheck. Every time you get paid, put every dollar into paying your line of credit. Remember, you can and will write checks from your line of credit to pay your 'sweep account' and all other items that cannot be paid via credit card. So if you think you need $50 walking around money every week then write a check from your line of credit for cash to replenish whatever money you've spent to keep that $50 ready and available. Your checks should only be coming out of your line of credit once or twice a month. The longer you keep your money in your line of credit that's how much time that will pass where you will not be paying interest on that money. This 1-2 punch will start knocking out your debt faster than you've ever thought possible. And at the end of every month take whatever monies left over from your monthly pay and put it all toward whatever debt you're trying to rid yourself of, keeping your line of credit balance equal to a month's pay. Simply put, use your income to stop interest from accruing on your account and use the credit card company's money interest free until it's due. You will find dollars add to hundreds of dollars and to thousands of dollars. And because you now have a line of credit, you also have a safety net in case there is an accident or a decrease in pay. Do this and you will beat the system by using it to your advantage.
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Contributor's Note
Learn about the Club with the power of 3 at my website, be sure to click the links to learn more. This club will change everything!
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This intel was contributed by shapard
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May, 2012
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