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!
