subject: Do You Have Way Too Much Debt? – Consider These Debt Relief Solutions [print this page] Have a Debt Problem? Have a Debt Problem?
You're not alone. Debt is a very common condition. The trouble is, we want what everyone else has, and it's typically pretty easy to get up front, even when we don't have the money. What we don't always see, however, is the whole package of what we're getting when we get what we think we want. The hidden elements include debt. Yes, debtthat prison that's so hard to get out of, that affects most aspects of our lives including our relationships and our ability to sustain ourselves and those we care for.
But what can we do once we're in debt? Sure, it's great to hear the principles of why we should avoid it and how to avoid it, but some things just don't hit us hard enough until it's too late. So, now you're in debt, and, of course, you wish you weren't. You wish you'd delayed that gratification just a little longer, you wish you'd saved up a little more, you wish you'd believed dear old Dad instead of testing the principles on your own.
Don't despair, people get into debt problems every day, and many find a way out. What's more, once you're out of that black hole, your view will expand to a whole world of fun, freedom and living within your means.
Get Out of Debt
Here are some basic clues to getting out of debt:
Spend less than you make
Budget your money
Go without some things
The most important financial concept to remember, whether or not you're in debt is: Spend less than you make. This is particularly relevant when you are in debt, however, because the worst thing to do when you're in debt is get deeper in debt.
Budgeting your money is a very helpful and effective way to make sure you spend less than you make. Start by tracking what you spend and what you earn. This will help you see just what you're spending your money on, and it will be much easier to easy to see what things you could do without. It will also help you notice the relationships between unplanned shopping trips and unnecessary purchases.
While you're struggling to the surface, desperate to break even, try going without a few things. My family went without cold cereal for most of my life growing up because it was more expensive than toast and oatmeal, and we would eat it faster than toast and oatmeal too. Cold cereal may be a very simple example, but a very poignant one as well. To illustrate this point, let me explain. Cold cereal is really not very expensive when you see a single box on the shelf in the grocery store, but when you're buying five boxes a week for a family, it gets mighty expensive. Going without a lot of simple things like cold cereal is an easier sacrifice to make than going without larger things, and if it's for the sake of becoming debt free, it's definitely worth it.
Stay Out of Debt
The key to staying out of debt is following the principles listed abovewith the added bonus of not being in debt, of course. The great thing about following these principles once you've become debt free is that you will be adding money to your bank account rather than subtracting negative money from it. You'll be increasing the black rather than just working towards it. You'll be heading down the coveted path to wealth. You might even consider becoming a millionaire.
Do You Have Way Too Much Debt? Consider These Debt Relief Solutions
