If you are struggling with an overwhelming level of debt you have likely come across offers that claim you can “get out of debt fast”. Unfortunately you are just as likely to “get rich quick” as you are to get out of debt fast. You probably didn't get in debt overnight and to get out from under the burden of debt you will be forced to make sacrifices, cut costs and make major lifestyle changes to be successful. If you are feeling disillusioned and feel that you will never be able to find your way to financial freedom, don't lose hope just yet. You are not alone in your quest to become debt free and there are millions of people who have been on your journey and have made it to the other side.
Discipline is key.
There are many options available to help you get debt free ranging from the snowball method, debt consolidation and debt settlement. Each option has pros and cons but each require you to find the discipline necessary to make the process work. One of the leading causes of unmanageable debt is bad money management decisions. If you are serious about changing your life and lifestyle you can find success through each of these processes. However if you go through the steps necessary to become debt free and don't make the appropriate changes to your spending habits and money management you will eventually find yourself back in debt.
Change your financial habits.
The following bad money management habits can lead to debt or prevent you from attaining your financial goals. Evaluate your spending habits and make changes in the following areas:
- Reduce your spending
- STOP using credit cards. I disagree with experts suggestions to use only one card and charge only what you can afford to pay off each month or to keep a card for use in emergencies. The reason I find fault with that suggestion is most people who are facing debt relief options are in that position due to poor credit card management. If you were able to limit your spending or keep your card for emergencies only, you likely wouldn't be in the financial mess you find yourself facing. I feel strongly (from experience) that the only way to stop incurring more debt is to stop using all credit cards-period.
- Research different options for debt reduction to decide which route is best for your personal situation. You can tackle debt on your own or with the help of a debt relief company. If you feel you are either unable or unwilling to follow through on your own, please exercise extreme caution when selecting a credit counseling, debt consolidation or debt settlement company. There are legitimate companies that have a proven track record of getting results for their clients. Unfortunately there are far more companies that are simply con artists looking to make a quick buck from people in desperate situations.
The best step toward getting out of debt for good is acknowledging you no longer have control over your finances and seeking alternatives to get out of the debt cycle. When you begin to feel overwhelmed remember this: doing nothing is not an option. Take the steps necessary to turn the table on debt and regain control over your life.
Trisha Wagner is a freelance writer for DestroyDebt.com, a debt community featuring debt forums. Trisha writes regularly on the topics of getting out of debt and personal finance.
(If you are interested in be coming a guest blogger please CONTACT ME)
Editors Note: One of the biggest challenges that ADD adults have with managing money has to do with discipline. Many ADD adults tend to react negatively when someone mentions discipline. Lets face it discipline has a negative connotation, so if you have an issue with the word "discipline" replace it with "self care". Self care is doing something positive today in order to get continued benefits in the future.
