January 16, 2015

10 Characteristics of Debt Free People

Some people seem as though they were born with a frugal gene. If you are carrying the load of high-interest rate credit card debt that you can no longer manage, you may long to emulate your debt-free friends. You may not even be to blame at all for the debt in your life.

Often, situations beyond our control leave us in debt. When you open yourself up to receiving help through credit counseling, you can learn what you can control and what you can’t control in terms of money.

According to an article by Credit.com, there are 10 characteristics of people who have no debt. Many people who go through credit counseling do continue to borrow money, but have better information about personal finances. If you want a debt-free life, it’s never too late.

A Stickler for Details

People who stay out of debt monitor their credit cards, sometimes every day. They know all their due dates for bills so nothing slips by them. By working with a certified credit counselor through Christian Credit Counselors, you will become one of the people who track their spending and keep track of every little receipt.

A Natural Saver

Debt-free people have another secret, which is they pretend to earn less money than they really make. They may have money automatically deducted from their paycheck to build up an emergency savings or retirement fund. When they get a pay raise, they celebrate by increasing their automatic contributions to a Roth IRA.

A Long-term Thinker

You can become a long-term thinker even if you have always lived in the moment. Some exercises include setting long-term goals such as saving for retirement or for a costly item such as a home. Another great benefit of credit counseling is the fact that you can get started on a Debt Management Plan to pay off your debt in less time. You’ll be able to think about how you want to budget in the next few years as you eradicate your credit card debt.

A Willingness to Ask

According to Credit.com, a characteristic shared by debt-free people is the willingness to ask questions and receive help. When they meet financially successful people, they aren’t timid about asking for tips. Trained credit counselors can answer all of your questions about improving your credit score, budgeting, planning and becoming free of credit-card debt. The nice thing is credit counselors won’t judge you.

Perhaps one of the greatest secrets to building wealth is the ability to say “no,” not only to others but to your own impulses to spend. If you can tell a friend or family member you can’t afford to give them a loan and tell yourself you can’t afford to waste money, you’ll more quickly build wealth. Ultimately, your experiences spending time with loved ones are more valuable than your possessions.

Do you want to know more about debt and how you can make smart financial decisions now that will help you secure a more prosperous financial future? Sign up for our newsletter for monthly money tips.

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