4 Steps to Getting Out of Debt

Hi all. Found an excellent article that I am sure many will relate to. Hope you get something useful out of this.

Debt sounds like such a bad word, doesn’t it?

The thing is there is good debt and bad debt. 

Good debt makes you money – such as a mortgage on an investment property.

You’re technically using other people’s money to create wealth through capital growth.

On the other hand, bad debt costs you money –such as a personal loan for a new car or, worse still, using your credit card to pay for an overseas holiday that you can’t really afford in the first place.

One of the hurdles that many would-be property owners face is reducing their existing debt so they become more attractive to lenders.

It might seem easier said than done, but there are some simple strategies to get out of debt.

1. TRACK YOUR SPENDING

It’s a sad reality that many people have no idea how much they spend every month. 

In fact, many Australians live from one pay period to the next with not much left over before they eventually get paid again.

One of the first steps to getting out of debt is to simply track your spending.

A good way to do this is to create a spreadsheet or similar where you can input all of your spending in a month.

If you do this for a month or two, you will soon start to see where all of your money is going.

You see, buying your lunch and two coffees every day for $30 soon becomes $150 per week – and $600 a month!

Looks like really useful info? Just click the link https://propertyupdate.com.au/4-steps-to-getting-out-of-debt/ to find out more. If you’d like to share perspectives or discuss how it relates to your business, call me on (07) 3465-9259 or email me at [email protected].

Thanks,

Craig