How to Become Debt Free

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In order to be debt free, it's important for a person to avoid taking on too much initial debt and for that person to make sure that their income sources are growing. Discover why keeping a budget is important in staying debt free with help from a registered financial consultant in this free video on credit and personal finance.

Part of the Video Series: Credit & Personal Finance
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Video Transcript

This is financial adviser, Patrick Munro talking about how to become debt free. Being debt free is a dream of many Americans and it is a goal that is achievable on a step by step basis with individuals. Make sure that you don't take on too much initial debt and the job of becoming debt free will be a lot easier to achieve. It is important to make sure your income sources are constantly growing and you are searching for ways to do that. If you are in a business you can look for other avenues of income coming in and those sets of income can be used to retire debt but if you are a person working on a salary make sure that you very much keep a budget at all times and be mindful not to put excess debt into your life. That is an excellent way to become debt free. But as you go forward and grow your life with income coming in through responsible job promotions and things of that nature you can redeploy that income into bringing down the debt that you have occurred. This is Patrick Munro financial adviser talking about how to become debt free.


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