Business & Finance Debt

The Problem With Personal Debt and Why the Banks Have You at Their Mercy, and How to Escape

I know for many of us, high school physics was a class that maybe wasn't in our "favorite classes" category.
Maybe, like me, you had a hard time keeping up with your teacher, and it seemed like they were speaking in a foreign language.
So how can the laws of gravity relate to getting out of debt - we will see in a moment.
Debt is a problem that is affecting millions of American's.
We pay hundred's of thousands of dollars just in interest in many cases just to buy a house.
Credit card companies routinely charge 20- 25% interest for the "privilege" of borrowing their money.
Medical bills/debt is one of the number one contributors towards bankruptcy or foreclosure.
Debt can seem like a mountain resting on your shoulders and getting heavier all the time.
Understanding that the banks and credit card companies stack the odds against is a must for getting out of debt.
Getting mad about that fact, coming up with a good plan to attack debt, sticking with that plan, and believing it is possible are absolutely critical to wipe out your debt once and for all.
Think of the possibilities that may open up with no debt- a new car, money for vacations, not having to work overtime or a second job so you can be home with your family more.
Its a whole new world out there.
Your money is no longer going to enrich some other company when the debt is gone.
Becoming debt free requires making a wise plan of attack.
We also need to have some momentum working in our favor, instead of the banks.
  The banks use  their own form of momentum against you to keep you in debt.
  It is called compound interest.
  If you make minimum payments on your debt that momentum will keep you in debt for countless years.
  Its time to use our momentum to lower our debt and get out of the trap once and for all.
  By strategically paying down your debt...
you will build momentum towards wiping out your debt.
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