How to overcome financial debt

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Financial Debt is a common problem. Finance debt creates undue stress which is indeed not good for your physical and mental health. Overcoming financial debt is difficult but not an impossible task. There are couple of tips which may help to overcome your financial debt.






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The first step is to know about all of your debt. How much amount you have to pay on monthly or yearly basis. Full knowledge about your debt will help to create Budget.

Create a budget. You can't make a realistic budget if you don't know about your income sources, expanses and the amount of debt which you must have paid on monthly basis. Gathering all information will help you to make a realistic budget. You can cut short your expanses by prirotizing things which are most important for you. It will help you to make good budget.

Creating budget is useless, unless you track your all expanses. Contrinuous monitoring will help to control the leakages. Remember a small leakage can sink the big ship.

It is important to understand that never take new debt to pay your old debt. It will only add financial burden for the next time. Remember at the end you have to pay all your debt. Best philosophy is to pay your monthly instalment in time and get away from fine and plenty.

Another way of overcoming finacial debt is to create an other source of income. Extra source of income will definitely ease your life and give you relief in debpt payment. It will help to control your budget. It is understandable being in debt you have no equity to invest, but you can earn without investing equity. One of such source of income is Hive Blockchain which may help to earn decent reward on content creation. If you are a good content creator, you can earn decent reward on content creation on Hive blockchain.

You must have confidence on yourself. Your confidence open new ways for you. Remember nothing is impossible in this world. Even the word impossible itself says i'm possible. It is your efforts and take steps in right direction will help to overcome financial debt. What is your opinion my friends?

This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.





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6 comments
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Debt is a burden especially when it's bad debt. So it's often important that we try to get out of them as quickly as we can.

You are right, a budget does help, and a budget is only useful if we track our expenses. As they walk hand in hand.

Avoiding late penalities is great too especially for our credit scores.

All in all, if it's possible one should not get into bad debt.

Thank you for sharing.

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Having financial debt will always hold us back until we solve it completely. Cutting unnecessary expenses will reduce taking in more debt while earning more income can help pay off the debt a bit quicker. I think with a good financial plan in place, we can rid ourselves of financial debt and live a debt free financial life.

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You can cut short your expanses by prirotizing things which are most important for you.- this reminds of scale of preference and opportunity cost which I was taught back in high school.

You must have confidence on yourself. Your confidence open new ways for you- they say necessity is the mother of invention just the way having confidence in one's self births the ability to take calculated risks in overcoming financial debts..

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The only way a person can progress in today's era is to reduce his expenses completely and save some money, then he can live a good life and save something for his children. Today's conditions are such that man is eating the bread of time with difficulty.

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I have some debt to pay, i will follow the stops that you have shared with us in this post.

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a financial debt is a very dangerous trap easy to fall into and very difficult to come our
In the current scenario people get into debt without understanding the consequences and that is a serious situation.

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