Financial guru Dave Ramsey has advised millions on how to get out of debt. Here are five tips that can work for you.
1. Stop shopping and sell what you do not need.
2. Cut up the credit cards. Use a debit card or just plain cash. Paying with cash will make you think twice about every purchase.
3. Skip the big car loan. The average car payment runs American’s $478 a month over 84 months. If you invested that amount from age 30 to 70 instead of paying a car payment, you would have $5.6 million!
4. Have an emergency fund. Start with $1,000 as your starter emergency fund and go from there.
5. Pay off credit cards, starting with the one with the highest interest rate.
Once you have paid off your credit cards, begin saving for your children’s college and try to pay off your mortgage in 15 years. Most importantly, have hope that things will get better.
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