You've recognized that
you have a debt problem, and you've come up
with a plan to get rid of it. You've made a
budget, you've cut back where you can, and
you've allocated funds to put toward each of
your bills each month. You've come a long
way, but the most important thing is to
stick to it for the long haul.
Sticking with a debt relief plan is the hardest thing for many people to do.
Part of the problem is that many debtors just aren't good at managing their
finances, and that is part of the reason they got in too much debt in the first
place. Others had their debt under control until they lost a source of income,
and they have trouble adjusting.
There are things we can do to help us stick to our debt relief plans. Here are
some ideas:
- Eliminate the source of temptation.
If you have trouble saying no to
purchases when you have a credit card in
your pocket, put all of the plastic away
in a safe place. If just knowing where
the credit cards are tempts you to use
them, have your spouse or someone else
you trust hide them.
- Write down all of your expenses.
Many planners have budget pages you can
use for this, but a notebook will work
just fine as well. Writing down the
exact amounts that we spend and what
they were spent on holds us accountable,
making us less likely to slip up.
- Close accounts when they are paid
off. An account with a zero balance can
be too much temptation for some people
to withstand. If you think it will be
too much for you, simply close the
account and be done with it. Keeping
only the account with the lowest
interest or most favorable terms will
allow you to obtain credit easily enough
if you need it after you're all caught
up.
- Shred credit card and loan offers as
soon as you get them in the mail. When
you're already in too much debt, the
worst thing to do is to acquire the
means to take on more.
- Don't beat yourself up if you slip
up. Just pick up where you left off and
keep paying down that debt. Too often,
debtors make mistakes and decide that
it's just too hard to pay their debts
off, so they go back to their old
habits. But one mistake is not the end
of the world, and if you keep trying you
will eventually eliminate your debt.
Coming up with an effective plan to pay
off your debt is quite an accomplishment.
Sticking with it can be difficult, but it is
imperative if you want to get rid of your
debt. By getting rid of temptation and
holding ourselves accountable for our
spending, we can greatly increase our
chances of success.
Recommended Reading
Debt Free
In Three
Thanks to this guide complete with
worksheet and personal coaching, my family
and I will be complete debt free in 42
months (including paying our house mortgage
in full). The principles taught in this
program are simple, yet incredibly powerful.
See for yourself.
Click here to get Debt Free in 3 to 5 years. |
