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The good news is that for every problem, there is a solution.
Even if you have a lot of debt, it’s possible for you to still pay it off.
It might take some time and planning, but it can be done.
Initially, I had around $45,000 in student loans and credit card debt combined, he said.
By following Dave Ramseys plan, I managed to pay it off in just three years.
How Did He Do It?
Matthews followed Ramseys 7 Baby Steps, specifically the ones that tackle debt.
The financial guru whose advice I primarily followed was Dave Ramsey, Matthews said.
I resonated with his no-nonsense, straightforward approach to tackling debt.
One of the most impactful strategies I implemented from Dave Ramseys advice was the debt snowball, he said.
I listed all my debts from smallest to largest balance, regardless of interest rate.
Then, I focused on paying off the smallest debt first while making minimum payments on the others.
I believe the key principles of Dave Ramseys approach are sound, said Matthews.
Prioritizing debt repayment, budgeting diligently and avoiding additional debt are fundamental steps towards achieving financial freedom.
This let him free up some room in his budget to put toward his debts.
Jim Christy, the owner and managing director ofMidwest Cards, did the same.
I had around $40,000 in debt, including credit cards and a car loan, he said.
By following Ramseys strategies, I was able to pay off this debt in about two years.
Which Strategies Did He Use?
The top one was, again, the debt snowball method.
But the other key method was to have a clearbudgetand stick to it.
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Takeaway
Finding and working with a financial advisor is a great idea.
A financial advisor will help keep track of your finances and assist you in attaining your financial goals.
Get to know your Financial Advisor options today for Free!
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