Overcoming debt, no matter how big or small, is a challenge for most people. When it comes down to it, you have two options:

  • Devise a strategy for paying down your debt, month after month, until you are free and clear
  • Live with your debt, without paying attention, and hope things work out in the end (not the best idea)

How to Overcome Debt

Credit cards. Mortgage. Car loan. Personal loan. Student loans. Do you find yourself dealing with one or more of these types of debt? If so, you are in the same boat as many others.

Although there is both “good” and “bad” debt, owing any amount of money can begin to wear on you over time.

Since everybody is in a unique financial position, the way you overcome debt is not going to be the same as the next person. However, there are basic steps you can take to at the very least put yourself on the right track:

  • Know how much and which types of debt you are dealing with
  • Come up with a strategy for never missing a monthly payment, and if possible paying more than the minimum
  • Track your progress
  • Hold yourself accountable
  • Never give up

Is there more to overcoming debt than this? Most definitely. You can use these five steps as a basic outline for putting yourself on the right path to a debt free future.

You can be Debt Free

  • Track your progress by using a spreadsheet. This shows you visually how you are progressing and provides encouragement.
  • Tell someone, a friend or family member if you feel trapped. This helps with your journey. Emotional support is hardly a bad idea when we face troubles. Call your creditors and explain that you are trying to get out of debt. It’s possible that they can lower your interest rate.
  • Stay positive about getting the debt paid off, ut remember that some things need to put on hold. Try to replace expensive activities with things such as going on walks or to the park.

Final Thoughts

What have you taken away from this advice? Here are three things I hope you remember:

  • Tracking your progress is essential, even if you are only taking baby steps
  • Don’t be shy about sharing your financial situation with a family member or friend
  • You will be faced with challenges, but keeping a positive outlook is essential

With this advice, you will find yourself working towards a debt free life one day at a time.

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