Elevation Wealth

Financial freedom is an ideal financial state wherein the consumer enjoys above median standards of living and still maintains zero debt, or at least a level of credit related debt that is easily payable when it becomes due. The definition may sound technical or hard to achieve, but this is not the case. In fact, many financial experts agree that financial freedom, also known as freedom from debt, if taken seriously can be achieved in 2 steps. This article will discuss just that.

The Preliminaries

Credit counseling and debt management means relating your financial situation to experts. In most cases, you will need to provide the total monthly net income for yourself and for your household. Then you need to list down all your monthly expenses. Tip, never related specifics like your social security number and credit card or account information but be honest with the figures you list down. Be especially thorough with your credit related debts. The credit counselor and/or debt manager will then list down everything into an income and expense worksheet and segregate necessary spending from unnecessary spending.

Step 1: Credit Counselling Services

A credit counselor is tasked to educate you on what it means to use credit, the proper way to pay credit related debts, managing the debt or surrendering the property. A credit counselor is also tasked to advise you on financial tools to stop you from bleeding money through interests and penalties. Tip, pay attention and ask questions because a credit counselor is an uninterested third person who has financial knowledge to help you manage your debt.

Step 2:  Debt Management Program

A debt manager is a person who will advice you on how to handle your income as well as your debts by providing viable payment alternatives or advising a tactical retreat or surrender. The former means a lifestyle change, like getting a new job or a second job, negotiating with your creditors and paying for debts, etc. while the later involves litigation. Tip; listen carefully to find the right solution for you because in the end it is you who decides your financial program.

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