9 Steps to achieve Financial Freedom from a debt hole

Cut your coat  as per your cloth

1) Write to all your credit card companies expressing your willingness to pay them back and request them to give some reductions in  interest charges .

2) Negotiate with the credit companies to convert your balance into EMIs with the option to prepay and get waivers on interest in case  you can do so.

3)Start paying back as agreed. Try to prepay the card with the highest interest rate , followed by the cards with lower interest rate.

4) Calculate your funds available .( Income - Mortgage payment - EMIs- Funds to be saved for emergency expenses - Insurance premiums = Funds available for expenses and future savings)

4) Start saving for an emergency fund .

5) Cut back on all your excess expenses . Bring down your excess expenses and plan to live within your means.

6) Once your debt is paid off , just have one credit card and keep it under lock and key . Use it only when you have to , and pay back on the due date .

7)Try to start a small business / take a second job  and develop multiple streams of income .

8)Do not forget to celebrate small successes on the way  and reward yourself !! If there is no one around to pat your back then  pat your own back and congratulate yourself for having started the journey !

9)Enjoy and fight for  your financial freedom.

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