Wednesday, October 27, 2010

To Get Out of Debt You Must Accept You Have a Problem

So you want to get out of debt? Great! Many people are on the road to financial freedom, but before you start reading books, blogs and forums to get some tips you need to do one thing. What is this one thing you need to do?  

You need to acknowledge that you have a problem with debt!

Debt is another word for slavery. Do you need to go back and read that again. Go ahead.... I'll wait. Yes, I compared debt to SLAVERY. You think that word is too strong?

Well, let's see. According to Merriam Webster's Dictionary the definition of slavery is:
Definition of SLAVERY
: drudgery, toil
: submission to a dominating influence
a : the state of a person who is a chattel of another b : the practice of slaveholding

These are the synonyms:
Synonyms: bondage, enslavement, servility, servitude, thrall, thralldom (or thraldom), yoke

This is the definition of debt:
Definition of DEBT
: sin, trespass
: something owed : obligation
: a state of owing
: the common-law action for the recovery of money held to be due

When you are in debt you have an obligation to pay off your debt. In order to do that, you toil at your job to make money to pay it. In the meantime, you submit to a dominating influence (your job and your debt) in servitude.

Enjoyed that little play on words?

Seriously, in order to get out of debt you must:
1. take the first step in owning that you have a problem and accepting responsibility for it
2. take action by getting rid of any temptations to create more debt (get rid of those cards)
3. formulate a plan of attack on that debt
4. find accountablilty partners, they can help you succeed
5. stick to the plan

It's not easy and it's painful. However, the benefits of financial freedom can change your life. You may be able to switch careers, support your favorite charity or start a new hobby. You will be able to make decisions without having to consider your debt payments to credit cards, car loans, student loans, etc.

Here is some motivation that will help you see things differently. See, to be debt free you need to change the way you think. You need to renew your thought process. Listen to ET the Hip Hop Preacher talk about achieving success in whatever area you want...


Nile said...

Just by the line, I totally agree with you! :D There's no use sulking about having debts - it's there! So, we should deal with it.

millionaire instantly said...

I would like to highlight the point "acknowledge that you have a problem with debt". this is the key point before you can solve one. great post.