Debt Elimination
If you're reading this article right now I'm sure that you are looking for
a debt elimination system that will help you get out from under you
personal mountain of debt. Hopefully you're not looking for the magic pill
that will suddenly dissolve your debt problem. I'm afraid that I have to
tell you that there is no magic debt elimination system.
We get into debt either by our poor spending habits or by not being
prepared for unexpected expenses and often a combination of the two. It is
not uncommon to hear of someone who has poor spending habits and a
somewhat manageable debt load who has had an unfortunate event that puts
them into a financial tailspin.
To get out of debt and stay out of debt you must change your attitude
about how you spend money or you will never stay out of debt. Getting a
debt consolidation loan or going bankrupt will not help you. You must
change your spending habits. You have to make up your mind that you will
spend less than you earn or you will just go back into debt again.
There also are those who do not excessively overspend but they are not
prepared for unexpected expenses. They may have little or no debt when
suddenly something happens that takes them deeply into debt. This can be
an illness, an engine blowing up in your vehicle, a tree falling on your
house or any number of catastrophes.
Knowing this, the first step in getting out of debt is to change your
attitude. You must decide that you will no longer accept living in debt
and unprepared for life's uncertainties.
You must decide that whatever it takes, you will do it. Without this
intensity it will be difficult for you to succeed. Without this intensity
new cars and the shiny advertisements will draw you back into debt.
Remember, the first step to staying debt free must be an attitude change.
John Cook is the author of Finance For Families.com, a website designed to
assist families in making smart financial decisions. The burden of
seemingly insurmountable debt is destroying too many families. You can
read more at http://www.financeforfamilies.com
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