The concept that a merchant cash advance can actually lead to freedom from debt probably seems counter-intuitive. I certainly thought there was little truth to the idea, but then I was asked to research the subject, and as it turns out, it holds water. In fact, in a few simple steps you can change your financial reality permanently and stay debt-free.

If you want to change a destructive habit, the first step is admitting there’s a problem. Fiscal accountability is no exception.

The debt that brought you to this point may or may not have been avoidable - that’s not the issue. In order to get out of debt and stay out of it, you need to honestly look at where you are. This is the most difficult step in the process, but don’t shy away from it out of shame or embarrassment. Remember, you are working to better your situation.

The best way to track your debt is to log it. This helps you see how much money is going out every month. Once it’s logged, rank it from your highest expense to your lowest. If your list looks anything like mine, the first item is those high-interest credit cards. Believe it or not, that’s the perfect starting point if you want to invest in freedom from debt.

This may seem like a no-brainer. Yes, in the ideal world, if you could start a debt program by eliminating your high-interest credit cards, you would. I’m not only telling you you can; I’m telling you, you should.

I know what you’re thinking, but hear me out. We’ve all heard about starting small and cutting as many expenses as possible until financial stability is achieved. The problem with both of those ideas is that they rarely work. Too many businesses “fall off the wagon” and start accruing debt again. Debt is like gaining weight. If you backslide on the program you’re using, you’ll not only end up back where you started, you’ll add more to the original tab.

By investing your merchant cash advance in paying off your largest expense first, you’re creating debt eliminating cash flow that will help you stabilize professionally and recover financially.

With the high-interest credit cards out of the picture, it’s time to put your money to work. The first step - don’t change how much you spend on bills every month - change what you put the money toward. Take the payment you would send in for your credit card and add it to the next highest payment on your list. Pay the rest of your bills as you normally would. Once the second bill is paid off, put everything toward the third expense listed and so on. This model even works for paying off the merchant cash advance. It is a tried and true way to receive cash and remain debt-free.