Friday, July 3, 2009

Getting Free From Debt

It seems appropriate as we are about to celebrate the 4th of July that we talk about getting freedom for ourselves. I am an avid reader of the blog:

And I like the thought of getting free from the burden of debt.

But how do you do it?

Like anything else in life there's no easy answer. There's no quick fix short of a windfall of money (though without actual change that may not really fix anything). It takes work and effort and change on your part.

I have read a lot on the subject and worked on things in my own life. The only thing all plans have in common is to STOP using credit cards immediately.

You're panicking.

That's okay - I panicked too. How will I do it? What if I see something I want and don't have the money in the bank or don't want to spend the money in the bank?

Too bad.

Like when you're dieting and want that cookie and you realize that cookie is not really your friend at all. Instead that cookie wants to add to your thighs or your middle and make it worse. Of course it tastes good at the time. Cookies taste better then a lot of vegetables but they aren't better for you.

I once thought credit cards were my friends allowing me to get what I want when I wanted it.

Now I know they have only ever caused me pain. When I look at the money I could have every month that I don't have because I'm paying down debt it's painful. Very painful.

The only way to end the cycle is to stop cold turkey.

It's hard and after 6 months it hasn't been a lot easier. There have been so many times I want to whip that card out and just charge it instead of finding the cash. Right now I want a new couch but a new couch isn't in the budget. I'd love to finance it but all that will do is bring me more debt that I have to continue to pay off.

This is the only way - NO more credit. If you don't stop now you may never do it and then you'll only have more debt to show for it. So instead of wracking up the bills why not begin to pay them down. Like losing those 10 pounds makes you feel great about your body - losing those thousands of dollars in debt makes you feel great about your life. Every step away from debt is a step in the right direction no matter how small.

On every other topic in getting out of debt there are different opinions and thoughts. Some say to take everything you have and throw it at your debt while others say to build savings first then pay off debt while others say to take your time as long as you aren't charging any longer.

I will go into detail at a later date of specific plans but for now put the credit card down and cut it up!

Freeze it if you must (though I haven't tried that). Pretend it isn't there. It's amazing what will happen. You'll realize you can do this and you will realize you don't need that new top as bad as you thought you did.

Join me please! Misery loves company :)

No, I'm kidding but it does help to know I'm not doing it alone.

And have a very happy, safe and FREE 4th of July in every sense of the word!

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