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Sensible Steps To Take After You Eradicate Debt

We talk a lot on this blog site about how to eradicate debt, as it is a common problem for most people that read our articles. And the author too! But we talk less about what to do when you achieve your aims, and get rid of the financial woes that once hung over you. So we decided to take a look at some sensible steps to take after you eradicate debt.

Sensible Steps To Take After You Eradicate Debt – An Important Conversation

It is vital that you have a strategy in place not just for eradicating debt, but for what to do once you taste success. Because there is much work still to be done, and many false steps to potentially take. Eradicating debt is simply the first phase of what should be your financial plan. 

The Reasons To Stay Disciplined

The problem  many have is that once they reach the holy grail of eradicating debt, they relax. They assume their problems are over. They think their perseverance deserves an award. And perhaps you do deserve a treat, but not at the expense of plunging yourself back into debt again. The last thing you want to do is to  repeat the mistakes that started your debt off in the first place.

It’s So Easy To Fall Into Persistent Debt

Let’s use me as an example! In 1999 i got my first credit card. I was in a poorly paid job at the time, a trend that has continued this day. I decided to buy a season ticket for my football club, which cost “just” a few hundred pounds. It didn’t seem like a risky thing to do – i would pay it back, bit by bit. But once i had realised i could buy something without having to pay for it there and then, i set off on a slippery slope. Slowly but surely the debt no that card rose, and i have never recovered. Only now am i hell-bent on eradicating debt. Only now do i fully comprehend persistent debt does to me and others.

Sensible Steps To Take After You Eradicate Debt – Steps To Take: Cut Up Your Cards

Credit cards are not inherently bad. Used in the right manner, they can come with many advantages. If you are in a position to be disciplined and make full repayments quickly, then you can gain from them. Some offer cashback rewards for purchases, some offer other perks, and for those still in debt, they can help consolidate debt. But if you have just wiped out your debt, i suggest you do not want to get back into bad habits and that there is no need for you to go back into debt, even for a short while. Do not just cut up your cards, close your accounts. Spend the money you earn and nothing else. The release of stress that being free of debt will give you cannot be easily measured.


Once free of debt, you must plan how to spend the money you receive. Sit down and work out all your outgoings and income. Work out what you can afford to do and what you cannot with what you have coming in.

Sensible Steps To Take After You Eradicate Debt – Save

And save, so that when you need access to funds at short notice, you can dip into your own funds rather than borrow from a creditor. If you have maintained your income from the time you were paying off debts, you should now have spare income. This is because you no longer have to make monthly debt repayments. Put these funds to good use, and make interest on the money as it sits there.

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