|
OK, so you are up to your head
in debt. You are stressed out, it is now affecting the way
you function and absorbing most of your daily thoughts.
You have no idea what to do.
OK, first things first.
Take a step back and try and look at things with a clear
head. Your debt is manageable. If you have many bills and
just can't afford them all, the first thing you should
consider is a debt consolidation loan.
A debt consolidation loan
will help you out by consolidating all of your debt into
one monthly payment that you can afford.
Second of all, figure out
what is an affordable amount of money, that you can afford
to pay monthly. You want this to be a fair amount of cash,
however you still need to account for some money for
yourself to prevent yourself from slipping further into
debt.
The next step is to cut up
your current credit cards. I know I've fallen into this
trap on numerous occasions; I didn't cut up my credit
cards and planned to use them for 'EMERGENCY ONLY'. Well,
a few months roll by, and that new shirt, and that tank of
gas add up to ANOTHER full credit card. If you no longer
have credit cards, you can't be tempted to use them.
Finally, you need to
correct the problem by killing it at the root. Start
saving 5-10% of your income and start saving to purchase
those things you want or need. The immediate gratification
of making a purchase will wind up haunting you in the long
run. Rationalize every purchase and try to take into
consideration if this purchase is a rational one or one
based on emotion. If it is based on emotion, think about
how purchasing this item will make you feel, then imagine
the stress of being in debt. If you managed to make your
way out of debt at least once in your life, I'm sure your
urge to purchase this item will quickly fade.
Follow this simple outline,
and your journey to become debt free will be under way.
|
