Step By Step, You Can Get Out Of Debt

For years the news, talk show people, specialist in the financial field and several others have talked about the importance of getting out of debt

. Many have talked about how debt is something that holds you captive until you get out of debt. Some of have heeded that advice over the years, but last year when the economy took a big dip we started to see several challenges for the economy and families that had not heeded that advice. We have seen on the news and talk shows of people who have been interviewed and have mentioned that they thought they were fine.

Some of these people didn't even have excessive debt that were facing great financial challenges. They had money in the bank, had great jobs, chose to purchase a nice home that was within their budget and only had debt on their home and vehicles. That doesn't sound unreasonable. The challenge was that they were a part of the bad economy turn and lost their jobs. They may have had money to even live off of for a few months, but when no job came through they started losing their homes and vehicles. In their interviews they would talk about the importance of getting out of debt. That they didn't even think their debt was excessive, but now they had nothing.

Then there are those that have faced a much greater challenge. There are those that had excessive debt already and lost their jobs. Many have probably seen the commercial where the little girl says to her doll that there is no food tonight, but maybe tomorrow. That is true for several families in our country. They might not even be in this spot because of excessive debt. It might be because they lost their jobs and were just living pay check to pay check. One lost check and that family is in a very sad situation.

I was talking to my neighbor the other day and she was sharing that their financial struggles began when her husband took a pay cut with his job. They started living off of credit cards and eventually the debt was greater than they could handle. They couldn't even make the minimum payments. She was saying that she realized the importance to get out of debt.

Everyone is facing different financial challenges, but the bottom line is that it is important to get out of debt. It doesn't have to be all at once. You can start with just a little bit at a time and make a plan. You can get there.

by: Art Gib

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