Get Out of Debt
Financial Fitness Test

Before you can actually Get Out of Debt, you must determine if your current spending, saving, budgeting and investing habits are going to keep you entrapped in debt. Until you address and settle that matter, getting out of debt will always be a titanic struggle that you will lose. The good news is, once you get a handle on your financial fitness, you’ll be well on your way to transforming debt into wealth.

 

 Get Out of Debt Financial Fitness Test Questions

1. How Much Do You Save Each Payday?
 (a). I put 10% in a savings plan, 10% in a retirement plan and 5% in an investment plan
 (b). I put away 2% to 5%
 (c). I put away 6% to 10%
 (d). Absolutely Nothing, I’m living from paycheck to paycheck

2. Concerning Your Taxes, Do You?
 (a). Get a refund every year
 (b). I file late and end up paying penalties, but I pay them
 (c). I owe the IRS Back Taxes
 (d). I haven’t filed, what should I do?

3. What Happens Each Month When Your Credit Card Bills Come Due?
 (a). I pay off each card in full
 (b). I just barely pay the minimum and boy is it stressful
 (c). I panic and borrow money from one card to pay another
 (d). I behind on my credit card payments

4. What Happens Each Month When Other Bills Come Due? (i.e., mortgage, rent, etc.)
 (a). I pay off each bill, no problem
 (b). It’s a rough time but I pay them
 (c). I borrow from Peter to pay Paul
 (d). I’m always behind on my bills

5. What Best Describes Your Budget?
 (a). I’ve got a balanced budget
 (b). I have one but don’t stick to it
 (c). I don’t have one!
 (d). What’s a budget?

6. How Would You Describe Your Emergency Rainy Day Fund?
 (a). I’ve saved and am prepared for emergencies
 (b). I would borrow money from credit cards, family or friends
 (c). I hope and pray that I don’t have an emergency
 (d). An emergency would push me into financial collapse

7. How Would You Characterize The Best Way To Buy a Home?
 (a). Find a deal way below market, put 25% down and finance for 15 years
 (b). Find a fixer upper; fix it up and save thousands
 (c). Find a Real Estate agent and let him or her handle the deal
 (d). Find a no money down deal and finance 100% for 30 years

8. How Would You Characterize The Best Way To Buy a Car?
 (a). Purchase a slightly used vehicle after it passes an inspection and save thousands
 (b). Buy a new car even though its value instantly drops after the sale
 (c). No money down and finance for five to seven years
 (d). Go to one of the Buy Here Pay Here car lots

9. What Is The Highest Interest Rate You Pay on Your Credit Cards?
 (a). Zero percent because I pay for everything with cash/debt cards
 (b). I pay all of my credit cards off every month with no interest incurred
 (c). I don’t know what my interest rate is
 (d). I’m embarrassed to say, but its over 12%

10. How Do You Plan For Major Purchases and Events? (i.e., house, car, vacation, funeral, computer, etc.)
 (a). I save until I can afford it
 (b). I whip out the credit cards and charge it!
 (c). I shop at the rent to own stores
 (d). I have no plans, I just deal with things as they come

Now let’s examine your score, which reveals a lot about your financial health.  If you scored all “A’s” that means you’ve reached the pinnacle of financial management. You might want to think about teaching sound financial planning to others.

If your answers were mostly in the “B’s” you teetering on the edge of an economic meltdown and its time to turn things around be changing how you view debt, savings and purchases.

If most of your answers were in the “C’s” and “D’s” you need a complete financial makeover! You may even need to rethink your current employment situation or career choice. Either way, if you didn’t ace the test, you are at the right website to help you turn things around financially.

Joel Marks has been helping people get out of debt and avoid both bankruptcy and foreclosure for over fifteen years. Utilizing savvy debt counseling, debt management programs, Federal laws and a team of attorneys, debt counselors and advisors, he has quietly assisted thousands come from under the heavy burden debt. 

Source: http://debterasure.com/