A Plan for Becoming Debt Free – Part III

Your journey to financial freedom will be an individual one, with your own circumstances dictating much about your plan. Here are a few steps you can use as a guide to map out your own course. A brief explanation will help you understand its simplicity as well as its usefulness.

George Fooshee, Jr. gives the following ten steps to getting out of debt in his book, You Can Be Financially Free, published in 1976 by Fleming H. Revell Company. Much in the next several pages has been adapted from what he has written. Here is a quick summary of steps that must be taken.

  1. Set a goal.
  2. List all you owe and all you own.
  3. Have a sale of unneeded or unused assets.
  4. Fix a monthly debt-payment amount.
  5. Do not add new debts.
  6. Establish a time goal.
  7. Cut the goal in half.
  8. Develop a repayment schedule.
  9. Share the repayment schedule with your creditors.
  10. Stick to your plan.

Your thoughts on this subject? Your comments appreciated!

Content © Rich Brott, 2011

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