6 Steps To Overcome Debt Obstacle

Tuesday, March 6, 2012, AM | Leave Comment

Debt is generally described as an obstacle in your financial life. There are ways to overcome it. You have to be determined to follow a specific route how to go about eliminating it. If you allow the debt obstacle to continue and not do anything to overcome and remove it from your life, it can definitely stand in your way and hold up your progress to lead a successful financial life.

However, debt will continue to oppose you in your endeavor to eliminate it. You must not let it win the battle. Find your passion and convert your dreams – with no debt – into reality. Leave your financial life in the black to your family.

Realistically, we know that our financial life is filled with roadblocks, challenges and obstacles due to debt. And because of debt, we always seem to have lack of money. It is how we handle these obstacles that determines if we go forward, stay where we are, or maybe even slip backwards. Many folks have taken the third option and have slipped backwards.

Here are 6 steps to overcome debt obstacles that you may be experiencing in your financial life. You can start taking the steps right now with no more wasting time:

  1. Take the time to examine your debt situation

    Make time to sit down and describe in detail the debt obstacle or challenge you’re currently facing. You can’t overcome an obstacle or challenge if you are not exactly clear what you’re trying to overcome. Don’t be bashful and just spit it out.

  2. Break your debt obstacle into bite-sized pieces

    Look at the big picture and then break the debt obstacle into smaller pieces. Fine-tuning the individual elements of a debt obstacle can make it become more manageable.

  3. Prioritize each of the smaller bite-sized debt pieces

    On a scale of 1-10 – with 10 being most important – rank the importance of each bite-sized debt piece.

  4. Look at these prioritized debt pieces

    Write out a plan of action for overcoming each debt piece. It’s time to form a step-by step plan for taking positive action.

  5. Decide how and when to put your debt plan into action

    Develop a time frame in which you will handle this debt obstacle. Will it take a week, month, year or longer? Give yourself a beginning date and a completion date.

  6. Keep track of the results

    Reward yourself for each positive accomplishment along the way. The biggest benefit of celebrating small accomplishments is that you start to build reference points for success. So next time you come to a debt obstacle (hopefully not), you are armed with much more confidence, certainty and self-belief.

In a Nutshell
When you truly understand the debt obstacle and how you are allowing
it to affect your financial life, you reclaim your personal power. You can embrace the success that is just around the corner!

What other tips would you add to this list? Share your thoughts in the comments below!

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