One Thing Needful... To Get Out of Debt

If there is one thing I have learnt concerning being in debt, that is it wont go away until you really do something about it. After this piece I would appreciate your contribution on this matter I believe there is someone out there who together we can be able to x-ray the issue of debt and lay a blueprint or guide on the way to get out of debt.
If you are going through some debt heat right now and you want to know how to get financial freedom for yourself then lets know the challenge you are facing and who knows someone out there have been through something similar. I’ve always believed that two good heads are better than one.
Last time I talked about not letting yourself to be pressured into doing the wrong things. I want to explain that here. Say you have $1000 and you are in debt for $1200, you pay $1000 to balance $200 right? Dead wrong! If you keep doing things like that you will never get out of debt. You must have money to invest that would earn you more income, you must settle your most pressing family needs like feeding and all the things that go along with that then have something to reinvest especially for those without jobs or having home based businesses.
Believe me it is even to the interest of your creditor that you do it this way because with this he is assured of continuous payments until all is cleared, rather than a one shot fly by night payment and after that you don’t know when and how the next one is coming from. This is one of the reason/ rationales for debt consolidation
Debt consolidation is a good thing but like I said you have to read the small print. Some debt consolidation companies might just make sure you don’t get out of debt
Becoming financially free is something that everybody should be and I believe it is something that is achievable with the right attitude and mindset.
I hope to discuss more on the above next week but first let me hear from you, what is the challenge you are facing in getting out of debt

. It’s your call…. .

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How to stand on your Resolve to Be Debt Free

I cannot say the exact strategy that worked for me would work for you because of individual differences and peculiarities of the problem. However the mindset needed will definitely be the same. Before proceeding let me clearly state here that it is not my intention to sound condescending but as I write I am also doing some introspection,
self-examination if you will, based on experience on what helped me get out of debt.

1. The first step in my view to get out of debt is to refuse to be pressured. With debt come pressures from creditors who do not want to know the challenges you are facing. If you want to get out of debt you must refuse and renegotiate. Consolidation of debts might be a good idea but please look at the small print (i.e. the conditions)
2. The second step, which is similar to the first and is also attached to it is that one must make a quality decision that no matter what comes one will stay out of debt. This is the mindset that is required to get out of debt. Looking back I believe it was this decision that saw me through all the challenges I encountered while trying to get out of debt. One thing I noticed and you better believe it, when I made that quality decision; all hell seemed to break loose. That was when the pressures mounted, then some long forgotten debts surfaced and unknown creditors were on my case. All sorts of offers will come up but believe me stick to your commitment and you will be out of debt in no time!
3. The next thing is that one must have a plan on how to get out of debt. Calculate all your debts, and then if you are married you have to get the support of your spouse because it’s virtually impossible to do this alone. Have a strategy on what bills to settle, how to and when to settle them!
4. One good thing that came out of my bid to get out of debt was the opportunity it gave me of seeking alternative source of income. I was out of a job, married with two kids and in debt. I had to do something! Then I made up my mind that this would not continue, so I started searching for other things I could do. What were my hidden talents? What moneymaking opportunity that is no hype, that the entry level is not so high and has the potential of earning me a reasonable income? I did a lot of research on that one because I knew the answer to the question: how do I get out of debt can only be answered by earning an income
5. The next thing is to make a quality decision to live within one’s means. Concentrate on only the bare essentials do not think on luxuries for now, that’s what I did. Believe me there were times we had to ration our meals. This was a crusade with me; I just had to be out of debt!
6. The final most important thing is to work the plan. Financial freedom does not come easily; you must work at it! Do not be discouraged when you let some pressure get the better of you sometime, in due course you would have perfected it to such an extent that rejecting debt will become the most natural thing. Working at it ensures that financial freedom is quite achievable in the shortest possible time!

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How Does One Get Out Of Debt?

I have found out that the most viable experience is personal experience. This is not to say that one must learn only from his or her experience. Anyone who thinks so has a long learning curve ahead of him and that fellow may well remain in dumbsville. I have had experience with debt and its related effects. I have been broke, busted and disgusted. I’ve been insulted, embarrassed, condemned and along the way have come to understand debt and how it operates. Above all this I have come to know the sure fire way and mindset needed to get and stay out of debt. This applies to any kind of debt, be it credit card debts, mortgage payments, bank overdrafts, etc.
I am David, welcome to my corner. As we go along I will try to put on paper the things I have found out on the nature of debt and its effects. I do not expect you to agree with everything I say but there is one thing I know and that is if you are in debt you will agree with most of the things concerning how debt operates. I will also show you how to get out of debt using the same steps I did. Everything disclosed here is based on personal experience. I will be introducing more insights every week so do keep a date. For this week I want us to trace how debt comes about, how it gets hold of an individual. We will look at not just the causes, as there could be a thousand and one causes/reasons but how does this thing called “debt” take over or tries to take over ones’ life

What is Debt and how does it come?
The two Oxford Advanced Learner’s dictionary definition of debt that is of relevance are:
A sum of money owed to somebody that has not yet been paid.
Owing money especially when one cannot pay.

I must confess that the above definitions do not do justice to the nature of debt. Debt is servitude, is being at the mercy of your creditors. Your not being able to talk when they magnify themselves against you, should you by chance be indebted to individuals or so called friends. In the case of organizations like the credit card companies, its your being in a trap they do not want you to get out of. Much as this is a true picture of the state and effect of debt, it does not reveal the true origin or if you prefer, does not show where the bait is first sprung. I believe understanding this and working towards correcting the origin will lead to a lasting solution.
The first step to getting out is to become aware that you are responsible for what has happened, you decided, you made the choices. Please forget the reasons, there are always reasons but remember every action sets off a reaction, its attendant effect. And believe me no matter what the “challenge” is, it is always better, cheaper, faster to weather the storm. I have been there and know it!
The first trickle that leads to the ocean called debt starts with the first money that is borrowed. It was the most ideal thing to do, it looked so much like the perfect solution but like a Christian sticker on a friend’s car that says “Satan offers sinful pleasures, but covers the price tag”, there is always a price. You start from one, to another, to another, to another….. Before you know it becomes a habit. It becomes the first solution that comes to mind when you are facing any financial challenge. What you don’t know is you are creating a habit. There is a saying that goes this way “sow an act and you reap a habit, sow a habit and you reap a character, sow a character and you reap a destiny” This is so true.
If you are already in the debt character I must advise you do what I did. Just like a drug addict that wants to treat himself would do take the “cold turkey” treatment! Do it now! Of course there would be withdrawal symptoms and all hell would break lose, let it. Believe me I’ve seen things I can’t even say because you will probably think I’m loco, but just stand on your resolve and it will come out alright.
Thank you for reading this far, if this has been of some benefit to you kindly refer it to
a friend. It’s about time more people get out of debt. Next week I will discuss on “how to stand on your resolve and what to do while standing”
Make it a date!. .

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