If you live in a metropolitan city with adequate 24-hour transportation? Do you really need a car if you are living in poverty? What if the cost of that car can expedite your road to financial security? How much is your vehicle-note? Insurance? Gas? Maintenance? Tickets?
Let’s look at a scenario. You decide you want to finally get out of debt and give your family a better lifestyle. You get rid of your car. Now you have money to pay off more debt. Let’s say you are not a homeowner, but have student loans and credit card loan. How do you tackle paying off your current loans in a very short period of time?
The best expeditious way could be to create a simple budget that you use every time you pay your bills. If you can consolidate these bills into one larger bill, you can pay this bill off very quickly. You didn’t borrow interest from any lender, so the money saved in interest is paying off your loan.
If you decide to keep all the loans you owe, it would be best to try and pay off the smallest one as quickly as possible, while paying the minimum on the larger bills. When you finish paying the small bill off, put all the money freed-up to the next smallest. That simple budget will be really helpful to keep you on track.
This is not professional advice. Just commonsense suggestion. We are here to support you at https://www.guidinglightmsc.org
Picture: Walking NYC
