Taking Small Steps to Financial Freedom – Part 4

February 17th, 2008 | Stacey | Financial Freedom

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Taking small steps to financial freedom can get you started on the journey to achieve your economic goals. Our series discusses little ways to take control of your money so you can attain the financial independence you dream of.

Yesterday we discussed the importance of getting rid of your credit cards by cutting them up and attacking the high interest balances first. You can also transfer high interest credit cards to cards carrying a lower rate to save on the amount of interest you pay. Stick to cards that offer a consistently low interest rate rather than ones featuring an introductory low interest rate that could wind up higher in a few months than the current credit card you are paying off.

Another way to resolve high interest debts is through a debt consolidation loan. This second mortgage can pay off high interest debts to minimize your monthly expenditures and leave you with more cash in your pocket. Remember a home loan is a lien on your property so you need to carefully consider the ramifications of this debt solution.

You can also speak with a credit counselor to take advantage of free or low cost services to negotiate payment arrangements with your creditors and offer you solid financial advice based on your unique situation. Through credit counseling programs, you can save your credit rating and gain a fresh perspective on your current finances.

Tomorrow we will discuss more ways to gain control of your finances in our series about taking small steps to financial freedom.