Quit Talking, Take Action, Get Rid Of Debt

Thursday, February 3, 2011, AM | Leave Comment

I think it was Walt Disney who said “The way to get started is to quit talking and begin doing.” And that’s the only way to get rid of debt, to take action.

You probably have it as your new-year resolution. We are already into the second month of the year. What have you done the month of January to start getting rid of your debt and embark on the path of debt-free life?

If you worried about your debt enough to sometimes lose your sleep over it, then starting today is the best day to start acting on the “promise to yourself” resolution and begin mastering your debt.

So next year this time, of course if you are still living, you should have minimize your debt to the point that you can easily manage it.

Check with your lawyer if your spouse and kids would receive the burden of your created debt in case you died this year and if they would be obligated to pay it off.

If you have ever desired to leave something positive from your personal life to your immediate family, then what could be better than leaving them your debt-free finances? That by default would put them in the black from your inheritance.

If it turns out that your kids would be obligated to clean your debt shit, then try not to die before you clean your shit yourself. But you can’t do that. I mean nobody has control over death. If possible, and it may be possible for millions of folks, try to at least start getting rid of debt and starting today, act on your new-year resolution.

Yesterday it snowed from Midwest to Northeast, at least a foot. Today weather forecast shows another storm is building up. This time at least a foot-and-half in the Northeast. You can’t stop the snow and rain from falling down. The sky is gray, damp. The snow will create slush if the temperature rises a little.

Remove the debt storm and rain from your debt-laden life. This blog and so many others have numerous ways of how to manage your debt and how to eventually get rid of it. You have all the information you need to at least minimize debt to a more manageable item in your personal finances. You are not ignorant so don’t act like one.

  • Try something new to get rid of debt

    If you have tried any method of getting rid of debt and have so far been unsuccessful and have faced failure upon failure, then quit beating upon your financial bush. In this new year, it might be the right time to think something new to manage your money and debt. If the recent recession has taught us anything, it is to pursue a debt-free life.

    For this to happen in the new year, we must start spending less than we make. Freedom is not just what the First Amendment tells us. If you are not free from debt, you are a slave of your own wishes. More talk will not help. Speaking your mind is one thing but acting on it will set you free from debt.

    You should be ashamed of your free spending living as if there is no tomorrow; as if you don’t have to pay what you borrow. However, you should not be ashamed to bring your debt misery out in the open. Talk to someone. Talk to someone you trust. Talk to a Credit or Debt or a trusted Financial Adviser. But don’t sit idly. Debt will never go away by itself unless you devise a plan with or without some help from others.

  • American dream has turned into a nightmare

    These days the American Dream of financial freedom – freedom from financial worries – has become a nightmare. Doing research for this post, I found out from a Federal Reserve report that Americans have more than $12 Trillion (that’s a million spelled with a T) in consumer and mortgage debt. This comes out to be $49,000 in debt per family. At the beginning of 2010, nearly 54 million American families owed more than $866 billion in credit card debt alone or an average of just over $16,000 each.

    At the same time, to throw kerosene oil on the already burning fire, home equity (a big part of the financial freedom) has been dropping by trillions of dollars over the last few years while unemployment has stubbornly stayed high for so long.

    Whom can we blame? No one but ourselves. We can’t blame the government folks. They have problems of their own. They are in worse shape. The government went from a balanced budget in 2001 to a recent deficit of more than $1.2 trillion. Let the economists and other gurus spell it out for us what happened in the last decade.

    In a Nutshell
    The consumers’ responsibility is to get rid of debt in their personal financial lives. Let’s not worry about others. Let’s devise a plan to get out of our own debt misery. I am sure we all can chip in offering advice to others. This blog has quite a few posts about how to manage your debt and live a debt-free life. Like I said you have all the information you need, now is the time to act on it.

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