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Posted on November 30, 1999 by Joy Stoyle | Posted under Reference and Education
Dave Ramsey Baby Steps
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The first thing to do in Dave Ramsey Baby Steps is obvious. Destroy your credit cards. Every single one of them. For some people this is an extremely difficult thing to do, but for those who want to get out of debt it is essential. Also, before you can pay off your debt you have to get caught up. Many people who seek debt counseling or a debt management program are already behind in payments on such things as mortgage, utilities, and car payments. These bills are essential for getting by, so with Dave Ramsey Baby Steps one of the first things that you do is work on getting caught up with them. One of the more interesting things that the Dave Ramsey Baby Steps plan has people do is pay off their smaller debts first. Many other debt management plans tell you to work on the larger debts; the ones that are costing you more in interest over time. Dave's reason for paying off the smaller debts first is to give you momentum. When you see a debt paid off you feel good about it, and you are inspired to go on and tackle the next one. Each time a debt is paid off, that money can then be put toward the next largest debt, and so on until everything is paid off. While you are working on paying off your debt, the Dave Ramsey Baby Steps plan directs you to build up a savings of at least $1000 for unexpected emergencies. For people who are struggling to pay the bills as it is this can be difficult, but often people have things that they can sell to raise the money. You have to try to use your creativity and imagination to get the money, and when you really try you are often surprised at what you can come up with. Paying off your debt is a worthy goal, and with the help of Dave Ramsey, you can reach that goal and feel stronger than ever. About The Author: |
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