Debt Reduction Key to Real Estate Investing Riches

Excessive debt is one of the largest factors contributing to the lack of success that many real estate investors have when they are first starting out. Because so many Americans are plagued by debt, it seems normal, natural, and expected, but if you can whittle away at that debt in a responsible way, you just might find that many of the obstacles preventing you from becoming the investor you hope to become could be eliminated - in some cases overnight.

While you can eliminate debt slowly, especially if you have a walletfull of credit cards, in addition to personal loans, computer loans, and other financed purchases, there is another way of reducing debt by jumping on the fast track and picking up the repayment pace much more quickly.

Some financial experts recommend paying debts off one at a time or implementing a Dave Ramsey-styled debt snowball approach to debt reduction, but by utilizing a home equity loan, you can reach your goal of financial independence much more quickly.

This strategy will work, but only if you address the underlying problem at the same time. Tapping into your home's equity will give you the immediate cash that you need to pay off a lot of credit accounts all at once, but it does nothing to address the real reason you find yourself with this much debt in the first place. Regardless of who you are, that reason is almost always universally the same: way too much spending.

To get serious about your real estate investing career requires a new way of thinking and a new-found dedication to living within your means. Once you've closed on the home equity loan and have paid off all of the credit cards and other debt accounts that you have, it's time to take matters into your own hands.

Take a pair of scissors and slice and dice your credit cards. Then call the creditors and cancel the accounts. Are you tempted to use your Dell or Apple account to buy a new computer every year or two because "it's on sale"? If so, call and cancel those accounts, too. You can make do with the computer you have, while avoiding some substantial interest charges.

Then take some of your monthly savings and attack the debt on your home equity loan. Attack it with a vengeance. Treat it like the enemy that it is - an evil enemy that is preventing you from reaching your real estate destination of success.

Realize, too, that attacking your debt and making systematic changes in the way that you look at debt and your personal finances can have an added benefit, too. You might just see your credit score take a dramatic jump, seemingly by itself.

This credit score improvement will have a positive impact on your credit life. You'll find that it's easier to get loan approvals, at more favorable rates, which will make reaching your investing goals even easier to achieve.

You can make it in today's market without credit, but you'll find that it's infinitely easier to call your personal banker to let him know what your plans are - instead of feeling like you have to ask his permission prior to making a move.

So fix the debt issues that are holding you back, improve your credit, and live the real estate investing life of your dreams. Your future is at hand, so don't let the credit card that's in your wallet be the sand in the machinery of your life that causes you to fail.

Charrissa Cawley has a long standing reputation for excellence as a gifted speaker, real estate trainer and wealth coach. Her strength lies in training entrepreneurs in the areas of real estate, investing and financial literacy. Her passion is bridging the gap between learning and doing. She has helped thousands of entrepreneurs all over the world seeking financial growth by equipping them with the tools, resources and specialized knowledge to succeed. Charrissa offers accurate and proven strategies to investors of all different levels and is the founder of www.reiconferences.com, one of the fastest growing real estate investment training organizations in the US in addition to www.rewexclub.com, the top rated Real Estate Investor Community on the web today.