How to pay off all your debt in 5 simple steps.

Pay all your debts in just simple steps:

How are you guys. You want to pay all your debts easily read full concept.take an example  The average American household has $16,000 worth of creditcard debt, $30,000 worth of auto loan debt, and $51,000 worth ofstudent loan debt. That's almost a hundred thousand dollars worth of debt,and I haven't even touched your house. Hey, where's my money? When you're playing the payments game like this, it's a rat race. You're making money, just so you can make your payments to your bank. Hey boss, uh, don't bother paying me next month. Just pay my bank directly. 

So you think, hmm, if I work harder, and I can get a promotion,or I take some overtime shifts, I'll make more money, and then I'll get out of thismess. I'll run out of this rat race. You start spinning your wheels faster andfaster and faster, because you think it'll get you out of this mess, but whatkeeps happening is your payments and expenses keep going up. 

whi keeps takingall my money? Well, thankfully there is a way out of this debt mess, and it canhelp you breathe a whole lot easier. But, before I get into how you can pay off your debt quickly, 

First: make your debt cheaper. In 2020 the Federal Reserve slashed interestrates multiple times. This is bad news for your savings account, but it is greatnews if you have debt. If, that's the keyword, if you are money smart. See, the majority of people are DTF, down to finance. So when interest rates come down,it is easier for the majority people to go into more debt, because loans are cheap. It's like when cookies go on sale at Walmart. When cookies are cheap, people don't run over to the salad section. They grab as many macadamia cookies they can fit in their trunk. But, you're not like the majority of people. You're not beDTF, down to finance. You are DTR, down to refinance. Interest rates are lower.Meaning, if you have student loan debt, mortgagedebt or credit card debt, you can borrow money at a cheaper price, and pay offyour current debt, and pay less money in interest, which brings me to my secondpoint: refinance the smart way. When most people refinance on theirloans thinking that they're going to save money, they actually end up paying moremoney in interest, even though they have a lower interest rate. Waaa. Here's whathappens. Let's say you have a $500,000 mortgage, and a 5% interest rate, and youwork for 10 years to pay down your mortgage, and after 10 years you only owe$400,000 on your loan, and that's when interest rates come down all the way to3%, so your bank asks you, do you want to save some money? Uh, yeah.So, you refinance on your mortgage, but instead of taking out the $400,000 whichis what you had, before you decided to take out $550,000,because your home appreciated over the last 10 years, and now you wantto keep your monthly payments low, so you extend your loan for another 30 years.Yeah, your interest rate is lower, but you are going to end up paying more money ininterest than before. 

When you refinance on your loan, your bank will want you toeither A, take out more money than you need, or B, extend the term of your loan,this way you have to make payments to your bank forever. When that happens, Iwant you look at your bank, stand up straight, look right into their eyes and say,noooo, I watch Minority Mindset. What I want you to do, besides saying no, is take out the leastamount of money possible, get the lowest interest rate, and continue making thesame payments you are today. So, to add another layer to this. If you are payingtwenty seven hundred dollars a month with your 5% interest rate mortgage, andnow your monthly payments come down to twenty one hundred dollars a month, Idon't want you to start paying twenty one hundred dollars a month, I want youto continue paying twenty seven hundred dollars a month, because this extra $600that you're paying each and every month is going to go directly to your principal withno interest added. And if you're looking for companies that can help yourefinance on your mortgage or your student loans, while paying the leastamount of money in fees possible, I'll link some of our sponsors in thedescription below. 

The companies that I have listed in the description areaffiliate partners with Minority Mindset, so if you use them, we will getcompensated, but there's no additional cost to you. So, if you want to see howmuch money you can save, I got these companies in the description below. Andthe third thing you need to know is: you need to get your money right. If you haveten thousand dollars of debt you're trying to get rid of, you need to come upwith ten thousand dollars plus whatever interest you owe to get rid of this debt.Pretty simple right? If only it was that easy. If you want to come up with that$10,000 quickly, there are three things you need to do. I call these the threekeys of money. Key number one: spend less money. Key number two: earn more money. AndKey number three: invest like crazy. When you are trying to spend less money, youneed to become a supersaver. Cancel the monthly massages, start cooking your ownlunch, and stop drinking coffee from Starbucks. I know this is not easy, butthis is a temporary sacrifice so you can get your money right. Once you got thesaving part handled, now it's time to earn more money. Work harder at your jobif you need to, or try to make money outside of your job. So, you can start a sidebusiness, become a freelancer, and start flipping things. Once you're here, and youhave some breathing room, do not go back to your old bad spending habits whichput you in this mess to begin with. Continue living below your means, becausenow it's time to invest like crazy. When you invest your money, now you're notusing your money to buy things that make you broker, you're using your money likea magnet to go out and attract you money, because you're putting your money towork for you. And if you want to make the smartest money decisions possible, youneed to stay up-to-date on what's happening in the finance and businessworld, which is why we created the free Minority Mindset newsletter where we firstbreakdown the top finance and business news, and then we show you how the newsaffects your wallet. This way, you can be money smart.

And don't take more debts before getting paid all you previous debt free .hope you enjoy the blog and work on my suggestions . Thank you . Keep in touch.