How To Get Out Of Debt And Stay Out

Monday, March 26, 2012, 2:00 AM | Leave Comment

Folks who are in debt generally fall into two categories. Either they are overwhelmed by debt but they are striving to get out or they continue to get deeper and deeper in debt without trying to get out of it. In either case, you need to develop a step-by-step approach how to reduce and eventually eliminate debt in your financial life.

My family and I have been living debt free since we moved to the States in the seventies. Except for mortgage, we don’t owe anyone any money. We pay our credit card bill by the end of the month in full and we buy what and when we need it.

Debt is a taboo…

Even today folks shy away from talking about their debt. To many, talking about it feels like as if talking about obscenity in front of the kids. Personal debt is epidemic in America. Millions of Americans are overwhelmed by debt, many only a few paychecks away from major financial catastrophe.

Millions more are living in fear, daily stress and discomfort because of debt. Being in debt regardless of the level of uneasiness and discomfort is an extremely unpleasant condition for anyone.

Supermarket of abundant debt

Debt in American society is in abundance. That’s because, for the most part, credit is readily available. Credit and thereby debt comes in a variety of almost limitless ways.

The attraction to credit is extremely overwhelming. Advertisements to lend you money has been on the rise. There are three major kinds of ways to fall into the debt trap:

  1. Reasonable debt

    Once in a while when you go out to eat, you charge it to your credit card. If you have no debt at all, which is highly unlikely, then it’s reasonable to pay the bill with your credit card.

  2. Problematic debt

    Some folks get into problematic debt temporarily. They get out of it in a couple of months. However, if not taken care of it sooner, it can get into compulsive debt. Problematic debt is short-term or at least you hope it is. Once you get a job, you would be back on track of managing debt more efficiently.

  3. Compulsive debt

    This is the worst kind. Some folks just keep getting into debt deeper and deeper without realizing the consequences that come sometime later. Compulsive debt means you repeatedly incur new debt without having to take care of the existing debt.

    Each time you justify new debt as necessary and you just are unable to live without it. At some point, you may realize yourself that you must stop borrowing. Otherwise, it keeps getting worse.

Debtors Anonymous

Like Alcoholic Anonymous, an organization exists that is known as Debtors Anonymous. Joining is easy. The only requirement for membership is the desire to stop incurring debt. It is completely supported by volunteer contributions.

In a Nutshell
If you are married and have kids, leave something for them that they can be proud of, proud of their mom and dad. You gotta start sometime so why not today. Now is the time as any. The sooner, the better.

There is no reason for you to be in debt. Even if you are in debt, you can free yourself from it entirely and remain free forever.

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