It was 2 years ago that I was over my head in debt. That’s when I started this blog in my quest to get rid of  debt. Initially, I wasn’t off to a good start because the approach I first tried failed. That changed when months later I took a different direction.

Basically what I was trying to achieve is a blog where I could brainstorm and post what I was doing to reduce my debt that would also be helpful for others to reduce and get rid of debt too. I started by accepting donations on the site but that aspect didn’t work out and was scrapped because most of the people who were visiting my site were also in the same boat so hardly in a position to help anyone else out. And really when you think about it, no one should expect anyone else to bail them out and just take action in getting rid of their debt.  The reality is there is no overnight solution and it’s going to take time to eliminate it. Read more »

I’m sure those who are deep in debt and in dire need of money have thought of it…”if only I could win the lottery I would be debt-free”. So what are the chances of winning the lottery? The odds say less chance than getting hit by lightning. When’s the last time you got hit by lightning?

It’s hard enough to win the lotto once but I just don’t get how a few lucky people win more than once, sometimes 2 or 3 times even. I remember one guy won millions 3 times over a span of a few years Read more »

It’s in human nature to put blame on something external when things go wrong. When it comes to a financial crisis, we can blame it on the economy or even creditors as excuses for it.  Of course there are events that can occur we have no control over like job loss or health issues that can also put us in a debt situation.

If you are deep in debt and seem to be going in circles trying to get out of it, then you do have to ask yourself if a self-saboteur is causing your debt problems. That inner self who kicks your self-confidence and is preventing you from rising above your financial difficulties by keeping you in chaos. If so, then it is time to stand up to the bully and get your life back in control.

That would mean:

• valuing money and not spending unnecessarily on things you really don’t need
• tightening your finances by creating a budget and sticking to it
• living within your means and not using credit as a solution
• not putting yourself in a situation that keeps you in financial crisis month after month
• reading financial planning books to help you manage your finances better and save money

If you don’t take the steps to make the necessary changes to improve your financial situation  and continue to sabotage it from happening,  then you are going to be a long-term member of the self-saboteur club.

Obviously when you have got yourself deep in debt,  you are on the wrong road that just seems to go on for miles with no end solution awaiting in the horizon. Whatever worked before is no longer the case and now it’s time to look for a new direction to get out of debt. This isn’t easy because you feel deflated and a rain cloud seems to hang over your head.

It just brings out to light that money makes more money and no money makes more debt. With a weight of a debt load, no wonder you would feel like you are stuck in the mud looking for a way out.

But this is where we need to pull from our inner strength to rise above it. Afterall it is only money that you need to get rid of the debt problem which with some determination can be gained.

Here are some steps that can help to get on the right direction:

1. If you are going to be late in making your payments then it’s best to contact your creditors and tell them so rather than avoid them. The stress of them continually contacting you will take away from the focus of working on a debt solution.

2.  Pay the creditors in priority of importance first. For example, your mortgage payment will take priority over your credit card bills.  You need the roof over your head and you can always give a smaller payment to credit cards if you can. 

3. If you have lost your job or need to add to your income, then now is the time to create your own job. If you have some skills that you can make money from then put them to use whether it’s fixing cars, gardening, writing, selling products, etc.  There are many opportunities to make money using the internet which will give you a flexible schedule working from home.

4. Take care of your health and get enough sleep. Spending your time worrying about your debt problems isn’t going to make them go away and can affect your health. This may be the time you need relaxation exercises the most and using deep breathing techniques, taking long walks and doing yoga can help calm you.

5. Accept that there won’t be an overnight solution to your debt problem. Take it day by day and work on finding ways to manage and reduce the debt.  Have a garage sale and sell things that you don’t really need to bring in extra cash. Tighten your budget and cut back on unnecessary expenses.

Although dealing with debt is a real pain in the neck, not to mention a big hole in the wallet, we have to see it just as a hurdle…a challenge…that we need to tackle and overcome.