10 Steps to Reduce Your Debt
Living a life with excessive debt can be very stressful! I know I’ve been there. It feels like you’re in quicksand up to your chest and it’s becoming more and more difficult to breathe. Slowly but surely, you know that the sand is going to rise and soon it will totally engulf you. That’s an ugly feeling isn’t it? Stress like this takes years off of your life and makes for a miserable existence.
Reduced debt can improve your health, leading to less stress, lowered blood pressure and fewer headaches.
“In April 2014 the average US household had credit card debt over $15,000; student loan debt of over $33,000; and mortgage debt of over $150,000. As a nation, we are up to our eyeballs in debt.”- Tony Robbins, Money-Master the Game.
But not all debt is bad. There is “good” debt and “bad” debt. Mortgage debt is generally considered good debt because it is buying you an asset. Credit card debt, on the other hand, is considered bad debt because, it is not usually buying you an asset. It is just worthless debt that accumulates like mold. Once you have it, it is hard to get rid of.
Staying out of this “bad” debt is difficult because it tends to creep up on you a little bit at a time. Like mold, you don’t notice it until it’s too late and it’s all over your walls. Now it’s going to cost you to get rid of it!
How does this happen? Often times, it is because we have difficulty delaying gratification. “I must have it now!” Instead of waiting until we can truly afford it by paying cash, we simply put it on the card and we can have it now!
“Couple the inability to delay gratification with the availability of everything we want or need, and match that with the painless purchasing plan of credit cards, and it is no wonder that the average American family now carries more than $15,000 in credit card debt.”- Zig Ziglar, Better Than Good.
Larry Burkett, a brilliant financial counselor, offers a simple three-part plan for staying out of credit card debt:
Reducing bad debt is not easy, but it is very doable if you do it systematically, and you’re willing to give-up a few things in the beginning. In other words, you must be willing to delay gratification.
Marc Ostrofsky, Get Rich Click, offers an additional “10 Steps to Reduce Your Debt”:
Being totally debt free is the goal. It may seem like an insurmountable task, but I should remind you. How do you eat an elephant?. . . Answer: One bite at a time!
The financial experts generally agree that there are two basic ways to get out and stay out of debt. First, you could cut back on your expenses and pay down debt. Or second, you could make more money and pay down your debt. Which ever way you choose get rid of the “mold” that is polluting your life!
However, if you decide that you would prefer the second option, I suggest that you look into two proven income-producing options that are simple and systematic. Elite Marketing Pro is a “university” for internet marketing. It’s an all-inclusive plug-and-play system with an excellent business community, and cutting-edge training. GotBackup is also a turn-key system with a great company and great support. They provide a product that everyone needs and has a 92% retention rate!
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Image courtesy of Stuart Miles at FreeDigitalPhotos.net
David Figueroa- Success Coach