If debt elimination is one of your financial goals then you are well and truly on your way to financial freedom. Just realising that you should eliminate debt is a fantastic start. So to get control of your debt you really need to take some decisive action.



First things first; Debt elimination really has to begin with what might be one of the hardest things for you to do, cut up your credit cards! Yes that’s right, nothing fancy, just the old cut up the card trick! Do you know that this method is suggested over and over to people who are looking to get out of debt but the ones who won’t do it are often the ones found a year later in even more bad debt than the year before.





So if you can’t or won’t cut up your credit cards then your goal of debt elimination might not be reached. You might even need to seek some professional help to convince you of your financial future if you don’t want to cut up your cards. You need to understand what it really means to spend money that you don’t actually have and what the consequences of that is in regard to the interest repayments and ultimately to your long term financial freedom.



If you are in fear of that ’emergency fund’ type thinking then keeping one card might be okay so long as you reduce the limit to somewhere below $1000 and only use it for emergency situations, like for unforeseen medical expenses not unforeseen concert tickets or dining settings on special. What you should aim to do also though is set up an account and start depositing $10 a week into it so you can build your very own emergency fund over time. Of course that emergency credit card doesn’t need to go shopping with you either.



Debt elimination is much more than just cutting up your cards. The next step after throwing your cards in the bin is to list all your debts in order of highest interest to lowest. Call up the lender at the top of the list and politely tell them you would like a lower interest rate as you’re thinking about moving this account to a better value lender. You might save yourself literally thousands of dollars in the long run from this one simple call. You can repeat this step with all your lenders and if they won’t budge then seek out the best rates you can find and move those debts; it really is worth your time to do this. If your credit score isn’t great then you might need to wait until you can recover it a little before calling the shots.



There are lots of ways to go about debt elimination, I have only covered off one method but there are many others that might suit your situation better; everyone has different needs and circumstances. Bring your debt elimination dream into reality, there are ways to make it happen, just stick to your chosen plan and financial freedom can be yours.