Now a days getting a Credit Card, or a Personal loan is more easy and quicker than getting our passports renewed.

Every day and hour we are bombarded with various attractive offers via email, sms and via social networks for credit cards, attractive deals on various websites and promotions at Shopping malls etc..


Even banks are arranging good deals on Holidays, Electronics, Airfare, SPA treatments, and are even providing interest free installments, encouraging us to spend on our credit cards.

Many of us are unable to resist the temptation and end up buying things we do not need or buying an unplanned holiday.

Slowly but surely we get addicted and become compulsive shoppers. We keep      spending time and money on the good deals, ignoring our increasing expenses and borrowings.

At some point in time, our credit limits are full. We find ourselves borrowing for repaying the existing loans, wondering how to get out of this trap.

The following are some simple steps to escape from the Debt trap, and work towards a Debt Free Life…

Debt Free

1. Check your email inbox and unsubscribe all the promotional emails from Discount websites, Shopping Malls, Banks and other social networking websites.

2. Call your bank(s) and decrease the credit limit by 30 % on all your credit cards.

3. If you have a smart phone, download an expense tracking application, on which you can record all your expenses as they happen, and track them regularly.

4. If you have more than one Credit card, start with the credit card( Say card A) which has the least outstanding balance, cut the card into 2 and pay what ever you can afford in excess of the minimum due.

5. When the card A is paid off, start with the next card( card B) cut it into half and pay the minimum due + what you used to pay for Card A, every month till card B is paid off.

6. Repeat the process with all your cards, till you have only one credit card left. Repay all outstanding on this card and instruct your bank to debit from your current account the total outstanding at the end of every month, so that you do not incur any interest.

7. Keep a tab on this blog for more information on Living a Debt Free Life.



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