Seven (7) Easy Steps to Become Debt-free:

Easy Doable Steps to Overcome Debt Burden

What is Personal Debt?

Personal debt is a debt for which you, as an individual, are legally accountable.  In this context, “personal” simply means “non-business,” as when you and your spouse take out a loan to buy a house, car, educational loan, etc.

Make a Budget

Examine your monthly budget carefully to get started.  To keep tabs on your spending, you might want to download budgeting software. 


Prioritize High Cost Debt

It’s best to pay off these loans first if you want your EMI payments to go down by a lot.  Unpaid balances on credit cards, personal loans, and other forms of unsecured debt will dominate this category.


Avoid Expensive Hobbies

Do check your bank statement at frequent intervals. Check for those expenses that you’ve incurred but wish you hadn’t.  This is not a practice to make you feel guilty about your spending.


Avoid Credit

To really get out of debt, you need to stop treating debt like a way of life.  You’ll find plenty of suggestions online from financial experts advising in favor of the use of credit cards. 


Increase Income

If you wish to ask for a raise, which I absolutely suggest you do.  Take your time, make yourself available for the work, be visible and try to be as hardworking as possible in order to increase your chance of getting approval for a raise.


Plan your Expenses

Prepare a plan of action and stick to it.  While window shopping, check your spending with the calculator software on your phone to avoid going overboard. 



I cannot stress enough this aspect. The best way to attain wealth is to Save as much as possible, Invest the saved money and repeat the process as far as feasible.