Go to HELL you Mr DEBT!!!

Go to HELL you Mr DEBT!!!

As a young married couple with RM20,000 Debt, how could we overcome it!!!
Let’s focus on this 2 simple steps (Beginner)
1. Stop engaging with new loan.
2. Set up an emergency fund.
The reason why our debt kept increasing is because you keep adding to it. Stop using credit. Don’t finance anything. Cut up your credit cards. (remember, you’ve caught in this problem, stop comparing with others)

That last one can be tough. Don’t make excuses. I don’t care that other personal finance sites say that you shouldn’t cut them up. Destroy them. Stop rationalizing that you need them.
• You don’t need credit cards for a safety net, for convenience or even for cash-back bonuses, it’s killing you
• You don’t need credit cards at all. If you’re in debt, credit cards are a trap. They only put you deeper in debt. Later, when your debts are gone and your finances are under control, maybe then you can get one
• After you destroy your cards, STOP any recurring payments. If you have a gym membership, cancel it. If you automatically renew games account, fashion magazines etc…cancel it. Cancel anything that automatically charges your credit card. STOP using credit.

Once you’ve done this, call each credit card company in turn. Do not cancel your credit cards (except for those with a zero balance). Instead, ask for a better deal, whether you get a better interest rate or not is another issue. It never hurts to ask. I know I;ve done it many years back!

(It’ll takes month on this method)
Why save before paying off debt? Because if you don’t save first, you’re not going to be able to cope with unexpected expenses. Do not tell yourself that you can keep a credit card for emergencies. Destroy your credit cards; save cash for emergencies.

How much should you save? Ideally, you’d save RM300 to start, on come on…you cigarrete or lipstip cost more than that in a month, ok RM100 then! this money is for emergencies only. It is not for Shirt. It is not for shoes. Not even for Playstation 3. It is to be used when your car dies, or perhaps someone dies…

Approaches to Debt Elimination.
1. Order your debts from lowest balance to highest balance.
2. Designate a certain amount of money to pay toward debts each month.
3. Pay the minimum payment on all debts except for the one with the lowest balance.
4. Throw every other penny at the debt with the lowest balance.
5. When that debt is gone, do not alter the monthly amount used to pay debts, but throw all you can at the debt with the next-lowest balance.

The most important thing is to start now. Don’t start tomorrow. Don’t start next week. Start tackling your debt now. Your older self will thank you.


About Faisal Malik

Faisal Malik Entrepreneur| Trainer| Financial Expert "Accountant by Profession. Awarded as a qualified Chartered Accountant C.A.(M) by Malaysian Institute of Accountant(MIA), he is also a qualified Certified Financial Planner(CFP) a highly recognize US Based Financial Planning Association. He is also a Professional Trainer awarded by PSMB, Dascum NOSS Facilitator and a DPIN(Daftar Pakar Industri Negara Malaysia) recognized by Ministry of Human Resource. FINANCIAL PLANNING He has been in the comprehensive financial consulting ranging Personal Wealth, corporate Advisory and boutique Financial House business for total of 18 good years, has been working for one of the Fortune 100 companies; has been through incredible courses. Prior to this he was an Accountant by practice and had served various financial divisions with Shell,UMW as well as Sime Darby Group. For the past 11 years with leading Investment Company, he demonstrated Strong Sales achievements;140 strong force with over RM100,000,000.00 annual turnover ; He develop many qualities apprentices, demonstrate key leadership abilities, possess strong business acumen and effective trainings method. His notable achievements are Million Ringgit Producer since 2006 – to date, Top 10 Personal Sales as well as Group Sales, he is also a Top Agency Speaker for 2013-2016. CORPORATE CONSULTING Faisal sought after to conducted other various soft skill trainings in Sales, Motivation, Entrepreneurship, Personal Finance, Communication, Leadership to name few across industries and Asian region. ~Sales and Motivation Segment~ Attitudes and Motivations for winners, Motivation Trigger, PsyCOST Effective Approaching Technique, Re-branding as Champion, 360* change, Prospecting Power, Power Calls, High performance team building for sales team. ~Corporate Soft Skills and Strategy~ EQ, O.S.T.T. technique, Japanese way of Secret Marketing, SMART planning, safe test approach, Art of influencing, High Performance Teambuilding, speak up! "
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