Financial Independence So You’re Not A Servant To Debt

March 22nd, 2008 | Stacey | Debt Management, Financial Independence

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Financial independence cannot be achieved as long as you remain chained to high interest debts. If you remember your history lessons, you will recall studying about indentured servants such as share croppers who worked for free to pay off an obligation. When your hard-earned money is allocated to high interest credit card and loan debts, is there much of a difference?

If you are drowning in credit card debt, you are not alone. There are literally millions of folks in America with a total of over 2 trillion dollars worth of revolving consumer debt. More than 60 billion bucks of credit card debt gets “charged off” as uncollected annually. Debt is like an epidemic sweeping the nation and taking control of more lives everyday. Are you on this distressing bandwagon? If so, it’s take to get off and start reaching toward financial independence.

Look realistically at what you owe and how much you’re spending on interest. Do you feel sick now? If so, it’s time to start making major changes. Stop using your credit cards and start paying them down. Earn extra money by starting your own passive income enterprise so you can pay more toward your outstanding balances. Create a budget and live by it without fail. Review your expenses and trim the fat wherever you can. When more money goes out every month than comes in, it may be time for professional financial advice from an accountant, debt counselor or financial planner.

Financial independence is an attainable goal for everyone, regardless of how much debt you are in. Figure out the damages and work toward eliminating them for a financially free future so you don’t feel like an indentured servant.