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Let's face it. Having debt hanging over your head is stressful.
It can keep you from enjoying life’s little pleasures, like coffee trips and going out to eat. It can even prevent you from reaching significant financial milestones, like starting a business or saving for retirement.
Getting out of debt is no walk in the park, but when you understand the difference between debt management, planning, and elimination, as well as where you are in the process, you can start to support your financial goals and eventually reach the finish line: total financial freedom.
Debt management is a lot like treading water. You may not be sinking further into debt, but you’re also not making significant progress toward being paid off.
You may have taken steps like cutting back on recreational spending or refinancing your mortgage to relieve some pressure. These changes can be effective in the short term, making your monthly payments more manageable and providing some much-needed breathing room. They can also help you develop a higher level of financial awareness, which is invaluable on the journey to debt freedom.
However, options like refinancing put you on the hook for years’ worth of additional interest payments, and while reducing spending can provide some relief, without a structured plan to get out of debt, you’ll essentially be spinning your wheels.
Debt planning goes beyond management and into the realm of financial strategy.
Rather than focusing primarily on existing debt, planning involves a proactive approach to avoid taking on more debt and developing a step-by-step process to achieving financial stability and independence.
This step in the debt elimination process often includes setting long-term goals, consistent budgeting, and prioritizing certain debts and repayments based on your dynamic financial situation. Many people often enlist the help of a financial advisor in the planning stage to receive professional advice about their situation and better understand their options for getting out of debt.
At its core, debt planning is about understanding where you are financially so you can get to where you want to be. When you know where you are, you can make informed decisions about spending, saving, or borrowing money.
During the planning stage, you aren't just beginning to repay your debts, you're also focusing on big-picture financial goals, like building an emergency fund and investing for the future.
However, problems can arise when you’re not sure how to take action on your goals, or when the rigidity and discipline required to stick to budgeting become too difficult to maintain. If you don’t have an effective, consistent, and reliable system, you’re likely to fall off.
Debt elimination is the ultimate goal. This stage is achieved when you’re able to successfully and consistently put your plan into practice.
You’ve found a system that works. You’re building momentum and actively repaying your outstanding debts.
The debt elimination strategies that work best will vary based on your financial situation, but some common ones include the debt snowball method, debt avalanche method, and aggressive methods like operating on a strict budget and allocating any extra cash toward repayment.
These strategies involve paying off multiple debts, starting with the smallest or highest-interest debt and progressively working through the larger balances until you’re fully paid off.
The downside of these strategies is what makes reaching the debt elimination stage so difficult. The discipline and diligence it takes to manage your money meticulously and consistently enough to successfully pay off debt are simply unrealistic for many people.
Not for laziness or lack of effort, but because of the mountain of other responsibilities that rests on the shoulders of the 21st-century adult. Being a parent, spouse, student, employee, or business owner—these things alone take an immense amount of energy and attention.
In fact, many Americans have had to take up a second or even third job to keep up with inflation and the rising cost of living.
In 2023, the US Labor Department reported that over eight million Americans work more than one job to keep their heads above water, which is undoubtedly a significant underestimate given the strict definition of a multiple jobholder and the fact that many people don’t report their gig work.
And that’s all before you take into account any personal hobbies or social activities. The fact is, for many people, there simply aren’t enough hours in the day to painstakingly track finances on top of everything else they have going on.
That’s why we created a state-of-the-art debt elimination software called the Money Max Account—to do all the math for you, save you countless hours of tracking and spreadsheeting, and allow you to center your focus on generating income and, most importantly, living your life.
The Money Max Account was built to handle debt in all its forms, whether you only have a mortgage to worry about or multiple debts from student loans, credit cards, car payments, and more.
Using advanced banking strategies, this system analyzes your finances and works 24/7/365 to provide guidance on the exact timing and amount of money to pay toward your mortgage and other debts.
Throughout your journey to debt freedom, the Money Max Account keeps track of all your income, expenses, and outstanding debts on one secure, central dashboard that displays the exact date you’ll be fully paid off.
As you make and spend money, the dashboard automatically updates your payoff date. And if life throws you a curveball, like an unexpected expense, the system recalculates to reflect your new situation, showing you the fastest possible route to get back on track—like a financial GPS.
With the Money Max Account’s mathematical precision and round-the-clock guidance, you can pay off all your debts—yes, all of them, including your 30-year mortgage—in as little as 7-10 years, saving life-changing amounts of money in interest payments in the process.
Believe it or not, the average Money Max Account user saves over $100,000. And that’s just the average, meaning you could save even more, like many of our debt-free clients.
Find out how much our award-winning system can save you by filling out the form below to set up a free savings consultation with one of our debt elimination experts. They’ll guide you through how the program works, answer any questions you have, and show you exactly how much time and money we can save you.