If you are reading this article to find a quick fix to reduce your debt problem, I apologize. There is no such thing as a quick fix. You keep reading about debt reduction plans on the Internet and want more information. I have the information for you: these reduction plans serve one purpose – making the companies who provide them money.
Suppose you agree to consolidate your debt into one easy to manage payment of $100 a month for the next ten years. Will this make you debt free? Certainly not now, and probably not in ten years either because the reason that you are in debt to begin with has not been addressed.
Did you go to sleep one day and wake up the next morning in debt? Of course you didn’t. It took time to build the debt, but most of us do not want to take time paying it off. It is in our nature to look for a quick solution to a problem and take the easy way out.
Rome wasn’t built in a day, and neither was it torn down that soon. The debt you have was built over time and through a number of decisions you made. Some of these decisions were not the best ones you have made in your life, but in order to live debt-free you will need to make some decisions right now and work hard to get out.
If you are in a position, where you can work voluntary overtime, that would be a great way to literally ‘work’ to reduce your debt. Perhaps you could take a second job or help out around the house more so that your spouse can get a job. If part of your problem is that you can not give up that latte everyday and instead use the money for reducing debt, maybe you should take a part-time position at the coffee house.
The first thing to do is to immediately stop building debt. This is the image you see of people cutting up their credit cards to avoid using them so they are unable to add any more shovels full of dirt to the pile of debt that they need to clear out of their lives. Before you even begin to plan out the best way for you to attack your debt, you need to stop feeding it.
After you have worked out that plan, you need to see it through and not get discouraged. So many people figure out how much they can pay to reduce their debt, and then give up as they see how long it will take to pay it all off. We are a society that works long and hard because no one expects to be able to retire without paying their dues and putting in their time, yet we get discouraged at having to work a fraction of that time to reduce our debt.
We will be in the workforce for nearly fifty years slowly building up to retirement, but we are not willing to spend five or ten getting out of debt. The simple fact is, working hard to reduce your debt is working toward retirement at the same time. The quicker you reduce the debt, the less money you are paying in interest, which means more money to invest in a retirement fund.
I’m sorry to tell you that there are no quick fixes for debt reduction, but that just means you’ll have to focus a little more and work a little harder to earn the right to be debt-free.
Working on Your Debt?
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