Debt Elimination Definition

Debt elimination is the process of getting rid of debt. It should be the chief financial goal of every individual in debt. Although debt consolidation can be a tool used during debt elimination, the two processes are not the same thing-debt consolidation simply puts a bunch of smaller debts together into a large debt, while debt elimination actually gets rid of debt. In today’s world, it’s more or less impossible to purchase a home without going into debt. A similar scenario involves purchasing a serviceable automobile for travel. Most professionals agree that any other debt should be-and could be-avoided. If you find yourself with mounting debts, you should change financial behavior and focus on debt elimination, before the problem gets out of hand.