Total Debt Elimination - The End Of The World!
When we finally decide we've had enough and its time to actually do something about debt, the great majority of us will stand tall and demand one thing: total debt elimination. Nothing short of elimination will satisfy, and any company telling us that debt elimination is impossible needs to get out of the way. We are young and fooling in the ways of debt, filled with idealistic vigor and strength - we actually believe we could go the distance. For a while. The reality strikes.
You might not want total debt elimination
Take a home mortgage. Thats a type of debt, right? Tens, possibly hundreds of thousands of dollars still remain on your plate, and debt elimination services will see that as just something else to be consolidated. Bad idea! The low ARP and long repayment term are exactly what you need for such a large debt, and the last thing you want to do is replace that obligation with something that will either offer you less time or higher interest rates.
And any future debts are completely off the list when you attempt total debt elimination - no loans of any kind, no credit cards or lines of credit, no credit period. Which is tough, total debt elimination is tough and really should be avoided by anyone not into he financial prime of their life, retired, sitting pretty on a pension or something. Total debt elimination is basically synonymous with the end to investments and major lifetime purchases - so unless you are ready and willing to give up on everything and wind down your life, keep some debt. Its good for you. Lets you feel at least a little bit alive.
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