Nowadays it is basically inevitable that individuals, family and businesses make use of credit facilities in order to manage their businesses & lifestyle.

In fact some of the most expensive credit products, are the most easily accessible ones and Australians can choose from a variety. Because of this, it is so easy to get yourself into debt, whether it is credit card debt or personal debt.

Let’s be honest, a credit card certainly has its advantages, like for instance, instead of saving enough money over a period of time to buy something, you can instantly have it by using a credit card.

With personal debt such as a loan, you will have to pay the money back with interest of course, which means that you will have less money in the future

Don’t get me wrong, borrowing money is not necessarily a bad thing, but with a credit card you have to be responsible in order to stay out of debt.

However the truth is that most of us are already struggling with debt and that means you will have to find the fastest and most efficient way to get rid of it.

All you need is proper planning, motivation, a clear set of goals and financial discipline in order to enjoy financial freedom.

When it comes to set goals, you only need two:

  • Clearing all of your existing debts
  • Remaining free of debt in the future.

You need to have a proper plan in order to achieve these goals. Let’s take a closer look at each one of these strategies.