When debt begins to rear its ugly head, it’s best to tackle that monster in a hurry. Once you begin to accumulate debt, it grows and grows at a hefty rate. Depending on your interest rate and terms, you could be racking up anywhere from 3 to more than 30 percent annual interest, which accumulates each month.
As debt grows, so do the damages. An unwieldy amount of debt can severely damage your credit rating, making it hard for you to buy a car, buy a house, or get a business loan. If your debt-to-income ratio becomes too large, you may be in for even more financial turbulence.
If your debt grows too large and you are unable to pay, creditors may decide to go into the collections process. Going into collections wreaks havoc on your credit report and can lead to your hard-earned wages being garnished or your assets being frozen.
So now that you’re sufficiently scared of that ugly, evil monster – Debt – it’s time to figure out how you can conquer it while it’s still a hatchling. The good news is you’re not alone. On average, Americans carry the burden of more than $15,000 in credit card debt and almost $130,000 in total household debt.
But if you want to be one of the unburdened Americans who is free of debt, we’ve got a game plan for you. Check out these sure-fire strategies to blitz, rush, and sack that monster debt before it has any chance to gather momentum.