Is There Any Way To Get Out Of Debt?
In this era where we are bombarded daily with commercials on television,
radio, billboards, through email, not to forget the flyers slipped under
the car's wiper blades while shopping at the mall, it's no surprise that
so many of us find ourselves endlessly in debt to the services and
products offered by others. How can we refuse, when we're baited with the
juicy orange carrot of '0% APR' up to a certain amount or for a specified
time, or 'no money down' and 'easy installments' of just so much per month?
Before we know it, we're in debt. We have credit card payments, consumer
loan payments, car payments, a home mortgage, and only enough money coming
in to pay the minimum amounts each month. Then, we start noticing a
different set of ads being directed at us from every marketing angle
imaginable. Get a home equity loan and pay off your credit cards, some
suggest. Start your own home business using our 'unique, proven' system,
and all your financial problems will be gone before you know it. But, are
these really the solutions that most of us so desperately need?
Far too many of us are as quickly bought by these financial rescue ads as
we were bought by the ads that inspired us down the road to financial
trouble. And, when we've tried more than one and found ourselves still
dealing with monthly minimum payments or even possibly just finding
ourselves deeper in debt for having tried so many systems, we end up
asking ourselves what were doing wrong. Some who are financially
struggling do take the route of taking a loan to pay off the loans already
made with others, and get the instant gratification of available credit
all over again. Or building a home business that does generate a positive
return of some sort, giving them more financial freedom to spend freely on
themselves and their loved ones. But, by doing this, are we really
resolving the problem? And, what about those that don't have or want these
options - regardless how many happy testimonials from clients are shared?
Not everyone owns a home or, for the ones that do, may be leery about the
idea of taking out a massive loan to pay off many smaller loans. Not
everyone wants to start a home based business, they just want the freedom
that comes with not having a lot of debt every month. And, most
importantly, the quick fix solutions to life's financial troubles doesn't
give any insight into how we got ourselves into this financial situation
in the first place, and how to avoid it now that we have the spending
capital that comes with available credit again. So, for the many of us who
are seeking a genuine solution to our financial woes, what is the answer
we're looking for?
The answer may be a lot closer than we think. It first starts with
developing awareness of where our paychecks are going and to whom. Yes,
the ol' balance sheet thing, where we keep a detailed log of our spending
activities. And, where we determine by simple addition just how much we
presently owe to those who have loaned us money for life pleasures and
necessities. Now that we know where we actually are, we can now determine
just where we want to be. But, just doing this doesn't solve the problem.
Rather, we've managed to illuminate it, so what do we do from here?
For starters, get the financial knowledge that we so desperately need to
stop the growing cycle of debt building, and start eliminating the
troublesome debts that consume our paychecks month after month.
Fortunately, this knowledge is not that hard for us to find, if we know
where to look. There are non-profit organizations advertising on
television and radio that are devoted to helping people consolidate there
debts, and this is a start. Other sources require a purchase of there
educational media or encourage membership in their organization for a
nominal fee, and the information provided can be more than worth the small
investments if the teachings are taken seriously and applied to one's real
life budget.
Maybe the solution is literally as simple as the way one teacher on the
subject puts it: "If you don't want to make the hole that you've dug for
yourself any bigger, then stop digging!" Sure, this may mean having to do
without some of the latest technological gadgets, or having to discipline
yourself into putting a small amount of the monthly paycheck into a
savings account. But, any step that will allow us to keep more of the
money we've worked so hard for is a step in the right direction. Then,
comes the focus on eliminating the burdensome debts that are already
weighing us down. And, it may take awhile. But, isn't the freedom to do
what we want with our money worth the effort and time?
After freeing ourselves from the obligations to creditors and banks, the
money once spent on debts needs to go somewhere. Maybe it's now time to
consider investing this money into stocks or real estate or, possibly,
even a business that in time will generate a positive return on our money.
This, too, will require some education into the what and how of making
wise investments. But, the information is as readily at hand for those who
are ready as the solutions to relieving debt.
Then, comes the need to assure ourselves that we won't fall back into the
monthly drag of giving away our money to the advertisers that so
diligently entice our attention. Resisting the urge to buy into costly
items is one way of dealing with this. But, in a land of prosperity such
as ours, is it really necessary to live frugally? There may be yet another
way. How about buying the assets that will generate an income that we can
then spend on these desired possessions?
Not necessarily a novel or new concept, but.... How many of us struggling
monthly with debts ever considered the possibility that we really have the
opportunity to reach this point? Regardless our present status in life,
what can we really achieve with just a little awareness, thoughtful
planning, and the knowledge of what to do and when to do it? For those who
are seriously looking, there is a way out of debt. And, though each
person's situation may be slightly different, the steps that are outline
above have been used and proven to be effective by countless individuals
who live financially happy lives. Just check out their ads!
Joseph T Farkasdi is the President of JtseF, Inc. and is a member of the
Financial Freedom Society. He is an entrepreneur who is committed to
helping others achieve the financial lifestyle they desire. For more
information on eliminating debt, visit http://www.jtsef.com/financial.htm.
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