Getting Motivated to Get Out of Debt
Debt is an unfortunate side effect of living in a consumer society that many adults must face, and even more so during a recession. Most of us carry unbelievable debt in loans, whether from college tuition, home ownership, purchasing cars, or a variety of other reasons. In a way, these are acceptable forms of debt because they come with an inherent promise of repayment. A college degree, while expensive to attain, is bound to pay off with better job offers and higher earning potential. A house and cars are material possessions that can be insured against damage and eventually sold (hopefully for a profit). These items are all calculated risks, which is why banks are willing to loan you money for them. Credit card debt, on the other hand, is a different beast entirely, one which can ruin you financially because of crippling interest rates and nowhere to turn if you don’t have the money to pay them off.
Of course, getting out of debt isn’t just about having money. Many of the reasons you get yourself into debt are the same reasons you cannot dig yourself out. It can be overwhelming to realize that you are in so far over your head that it will likely take years of repayment to get back to even. You may be tempted to throw in the towel. Or you may simply declare bankruptcy to wipe the slate clean and start over (although this certainly won’t cure you of the bad habits that got you stuck in the first place). But neither of these options presents a long-term solution to your problem. You have to motivate yourself to get out of debt if you really want to start attacking the root of your spending problems.
Perhaps you are not in debt intentionally. Maybe you are one of the many people who lost a job during the recession and you are struggling to make ends meet. Or maybe you simply spend frivolously with no thought to how you might pay off your debt. Whatever the case, you’re going to need a game plan before the debt collectors come banging on your door. The first thing you have to do is stop spending. This means cut up your credit cards (except one for emergencies; whichever one has the lowest interest rate) and cut back on unnecessary items. No more eating out and get rid of HBO. Quit frequenting the bookstore and try the library instead. Stop buying name brands and opt for generic. You get the picture.
You’ll also want to downsize. If you have a house, look for a condo or an apartment. No yard means a lower water bill. Less square footage equals a reduced electric bill. And so on and so forth. It’s not ideal, but if you can’t afford your current lifestyle, it’s a necessary sacrifice. Finally, buck up and call your creditors. Tell them you want to pay, but you can’t. Many times they’re willing to work with you on a payment plan, reduce what you owe, and consolidate debt in an effort to help you pay. After all, they want whatever money they can recover. With a little motivation and a lot of hard work, you can significantly reduce your debt and the emotional burden it places on you and your family. But you have to want to do it.
Sarah Danielson is a writer for PUA Reviews where you can find great tips and advice on dating and the art of seduction.
