Paying off debt can be a challenge whether you owe a small amount of debt or a larger sum. Yet as with most things life, it’s the difficult challenges that provide us the most satisfaction. Such is the case when it comes to our personal finances.
There are many experts offering advise today on what to do and what not to do. Many of these experts have cushy jobs in the media, and the big homes and fancy cars that go along which these high paying jobs provide. The question has been asked – what do they really know about being in debt and getting out of debt?
The truth of the matter is that I, personally once struggled with managing money. My finances at one point in my life were out of control. I was not fully aware of how much I owed and to whom I owed it to. Creditors calling me really stressed me out. But with hard work I managed to get my ducks in a row, as far as how much I owed on credit card A versus how much I owed on credit card B.
Why was this important? It was important because it allowed me to zero in and reconcile. It was a truly sobering really that hit me upon realizing that I owed over 30k in credit card debt. Most of it was not spent on student loans or other such necessities but on impulse shopping which added up over the years.
Many spouses and significant others that live together have been known to hide their spending from the other partner. Some have been known to maintain separate secret bank accounts to enable their spending ways. This is not good, not good at all. To pay off debt there needs to be full disclosure, and the lines of communication need to be kept open at all times. Radio silence when it comes to spending can lead to disaster.
Next it’s time to take action. They say a rolling stone gathers no moss, and this is true. Yet sitting on one’s ever-expanding behind is no help to getting out of debt. Now going so far as destroying one’s credit cards is not what I recommend. Rather, it is self-restraint. Next, start saving money each and every payday. Stay on top of those bills. Do not let them run into arrears. Make changes to one’s lifestyle and living arrangements if there’s a way to lower one’s overhead such as rent/mortgage and utilities. Roommates and downsizing are always good options.
