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1. Take control There comes a point where you have to admit that your debt is defeating you. You cant keep up with repayments; the interest charges are mounting up and, maybe even worse, youre using one loan to pay off another. You have to take control of your finances: if you dont your creditors will. If you are in denial about this you need to face the truth. If you can face the truth and take control, youre on the first step to beating debt. 2. Live within your means Take a look at your credit card and charge-card statements. What did you spend that money on? Go round your house and take a good hard look at the goods that you bought with those credit cards. Are they worth it? Did you want them that much? What difference have they truly made to your life? What do you feel like when you look that stuff and say to yourself, I havent paid for that (xxx) yet? 3. Reduce your stress Debt can become a nightmare and stress can send you into a spiral of despair. It doesnt have to be like that. Theres a way out but its not an easy way out. You have to take control of yourself and your spending, and resolve to get your life back. When (and only when) youve got that mental resolve, then consider consolidating your debt. 4. Eliminate your debt Consolidating your debt is a one-chance option of repaying your debt. The debt doesnt disappear, but all the various loans and debts get lumped together into one bigger loan to be paid off over a longer period and at a lower interest rate. This frees up some of your income and will instantly reduce your stress. And, crucially, you shouldnt continue to rack up credit card debts. You will only eliminate your debt if you live within your means. Try an experiment. Leave your credit cards at home for a week and live on cash. Pay for everything with money - yes, everything. This will help you get a handle on your need to budget. When you see the money slipping through your fingers it will bring home the reality that your supply of money is limited. At the end of the week, ask yourself how you feel. If it was difficult but you succeeded in prioritizing your spending, congratulations - youre in control! If it was hard, or impossible, then try again. You need to be tough with yourself to be in control of your money. 5. Getting your life back Happiness is not being able to buy useless luxuries: its about being free. Cut up all but one of your credit cards, and pay back that credit card every month, without fail. Youll enjoy the things that money can buy only if you spend money that you have - not money that you borrow. Resist the temptation to indulge yourself with money that you dont own. Money has the power to enslave you as well as making you free. When your debt is out of control, youre enslaved. You can become free only if you take control. |
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