Getting into debt is usually a lot more fun than getting out of it! After all, spending money on fun things is more appealing than spending money on credit card and loan payments. However, if you look at the infographic below, you will see that beating debt can be as much fun as playing a game. Looking at the steps to getting out and staying out debt you would think you’re in the middle of an arcade game, but in reality you are getting some helpful pointers for bettering your finances.
The first and most important step is to get a grasp on your current finances. Sounds easy, but sometimes people have no idea how much they owe and whom they owe it to. Get a list of all debtors, the monthly payments you are currently sending them, and the monthly interest that it is costing you.
Next comes the fun part…earn “financial lives” by consolidating your current debts into one easy and manageable monthly payment! The key to the next level lies within which type of consolidating loan you find, be it with a bank, or perhaps a peer-to-peer lending group.
In order to continue advancing levels, and conquering the primary enemy (debt!) then you simply need to work hard at building cash reservces, paying your monthly bills on time, and most importantly…staying out of debt!
The infographic below is brought to you by Zopa