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Step 1
The main problem most people have is purchasing unnecessary luxuries. Weather its excessive clothing, dinner, drinks, boats, ATV’s or putting granite counter tops in your kitchen. These are all unnecessary if you still have a debt. Take the money your wasting on this and put it on a bill you have.
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Step 2
Credit card bills need to go away. Most people are paying ridiculous amounts on their credit cards. Some pay over 20%!!! Look into getting a low interest bank loan or a home equity line. Pay all credit card debt at once with the loan and start chunking away at the bank loan. This is already saving you 10%-15% interest.
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Step 3
If you have a mortgage look into getting a 10 year loan. Paying a 30 year mortgage causes you to pay almost 3 times what you bought your home for. Getting a 10 year loan on a 100,000 loan will probably save you over 100k alone. If you can not afford a 10 year payment you might want to look into downsizing.
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Step 4
Keep utilities low. High utility bills are also a waste of money. Keep all unnecessary lights off, purchase efficient bulbs, wear heavy clothing and keep the thermostat down in the winter, fans only in the summer (air conditioning is a luxury not a necessity)
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Step 5
I would also advise that you do a little searching online for some get out of debt programs and articles. Some of them are government sponsored and free to try. With a little determination you will find your way to financial freedom in no time.
