The 5 Smart Steps to Eliminating Debt

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By Richard Paul Evans

First, there are few things in America as common as debt. A lot of people have different philosophies about debt and there are questionable books out there telling you to just blow off your debts. Most of it is trash and what they conveniently leave out is how much you, and others, will suffer for following their advice. Call me old-fashioned, but I believe in integrity. I believe that if you created the debt, the honorable thing to do is to pay it off. But there are 5 simple steps that can protect your credit, save you money, hassle and time. I have personally used this 5-step technique with major corporations. And what works on multi-million dollar levels works just as well on an individual consumer level.

STEP 1. RECORD ALL YOUR DEBT ON ONE SHEET (IF POSSIBLE) SO YOU KNOW EXACTLY WHAT YOU’RE FACING. Better the devil you know than the devil you don’t. Write down the company or person you owe, how old the invoice is, the invoice number and the amount. Make sure you don’t miss a single debt, as having unaccounted debt pop up later is demoralizing.

STEP 2. CONTACT (PREFERABLY CALL) EVERYONE YOU OWE MONEY AND ASK IF THEY WILL REDUCE YOUR DEBT. If you read yesterday’s tip, you learned about the 7 golden words, what they are and how to use them. Using the seven golden words you’ll be amazed at how much you can reduce your debt. If you missed that tip I’ll share the words again: ‘IS THAT THE BEST YOU CAN DO.’

I once helped manage a company that was trying to avoid bankruptcy. At my counsel they directed one employee to call their creditors and use the 7 golden words. This technique knocked out more than a third of their quarter million dollar debt in just one week. We found that many of the creditors were willing to accept as little as 30% of the invoice if the company would pay off the debt quickly. (Doing this may require you to shuffle your payment priorities a bit.) A few companies that were not willing to negotiate the price willingly offered to negotiate the terms of payment. One creditor changed a large lump sum debt to an escalating payment, starting low and stretched it out over a year with no interest. You will probably be surprised at how often your creditors will be willing to work with you. Most companies are so used to people trying to avoid payment that someone trying to honorably pay their debts is a treat.

3. CONSOLIDATE YOUR REMAINING DEBT WITH THE LOWEST INTEREST RATE POSSIBLE. If you are struggling with significant debt, you might want to consult with a CCCS–a consumer credit counseling service–to create a debt repayment plan. This is a little tricky as not all CCCS organizations are good. Do your homework before signing up with one.

4. PAY DOWN YOUR DEBT. I recommend directing at least 10% of your income to debt retirement. (In tomorrow’s tip I will explain why you should continue to build a nest egg as you pay off your debt.)

5. DON’T CREATE ANY MORE DEBT. This might be the time to cut up some credit cards. In today’s world it’s not necessarily realistic to not have a credit card, but you can cut down on the number of cards you use, lower their limits or, if you’re unable to control yourself, change to a debit card. (Warning: It is not necessarily in your best interest to close down a credit card. This can lower your credit score. Simply destroying or not using the card can be just as effective.) One of the worst things that could happen after you have consolidated your debt is for you to create a new form of debt. If you suspect that you’re a compulsive or binge spender, get help now. Remember, it takes time to pay off debt, but the sweet taste of freedom at the end of the journey is worth every step.

Richard Paul Evans is a #1 New York Times bestselling author and the founder of the 5 Lessons Institute.  (5Lessons.com) His new book is called: The Five Lessons a Millionaire Taught Me for Women.  To order the book click one of the online retailers below:

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'The Fedcoin is HERE': Glenn Beck reveals what the Fed was up to while YOU weren’t watching

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While Americans were preparing for Thanksgiving last Wednesday afternoon, the Federal Reserve moved forward with its "Central Bank Digital Currency" program, and that wasn't the only controversial policy that was rolled out while you weren’t watching.

On the radio program, Glenn Beck reviewed the latest financial stories you may have missed over the holiday weekend, including how Biden's pause on student loan payments may be extended again and yet another sketchy Hunter Biden investment.

"You might have missed what happened Wednesday afternoon at the Fed," Glenn began. "They started their CBDC, Central Bank Digital Currency. Yes, the Fedcoin is here. Now they rolled it out on Wednesday — I mean, that was the only day they could do it, you know, because they've been denying that any of this stuff was happening. But they could only get it [launched] when no one was paying attention. So they rolled it out, and it's in its beta test now."

"By the way, India just rolled out its retail pilot program for digital rupees as well. But don't worry," he continued. "Maybe we should start having the conversation of, 'Gosh, this looks like the mark of the beast.' I mean, doesn't it? But surely it's not. Of course not. Not from the U.S. government. They never do anything underhanded or evil. Never."

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BIGGER than Tiananmen Square? Here's what the China protests are REALLY about

(Left) Photo by Kevin Frayer/Getty Images/ (Right) Video screenshot

China has been locking its citizens down for over two years under its zero-COVID policy, and it's becoming more and more clear that this isn’t just about COVID but something much more serious: slavery and control. Now it looks like many citizens have had enough. Protests are currently spreading throughout China and, unlike during the Tiananmen Square protests, the word is getting out.

On Monday's radio program, Glenn Beck looked into the protests' "real motivations," explained how they’re different from the 1989 protests at Tiananmen Square, and predicted how these events are a "game-changer for the entire world."

Watch the video clip below. Can't watch? Download the podcast here.

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The American Journey Experience is the new home of the car Orson Welles gave to Rita Hayworth. Orson Welles gave this car to his future wife Rita Hayworth for her 24th birthday.

George Orson Welles was an American actor, director, producer, and screenwriter who is remembered for his innovative and influential work in film, radio and theatre. He is considered to be among the greatest and most influential filmmakers of all time and his work has had a great impact on American culture.

Every year as Thanksgiving approaches, the fear of politics being brought up at the dinner table is shared by millions around the country. But comedian Jamie Kilstein has a guide for what you should do to avoid the awkward political turmoil so you can enjoy stuffing your face full of turkey.

Kilstein joined "The Glenn Beck Program" to dissect exactly how you can handle those awkward, news-related discussions around the table on Thanksgiving and provided his 3-step guide to help you survive the holidays with your favorite, liberal relatives: Find common ground, don’t take obvious bait, and remember that winning an argument at the cost of a family member won’t fix the issue you’re arguing about.

Watch the video clip below. Can't watch? Download the podcast here.

Want more from Glenn Beck?

To enjoy more of Glenn’s masterful storytelling, thought-provoking analysis, and uncanny ability to make sense of the chaos, subscribe to BlazeTV — the largest multi-platform network of voices who love America, defend the Constitution, and live the American dream.