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Debt is insidious. The Bible clearly states that the borrower is slave to the lender, and being in debt can be both oppressive and nerve wracking. As a person who found myself in debt unexpectedly, I needed to confront the cause and accept responsibility. Getting out of debt and staying out of it is essential to thriving in life in a mental, spiritual and financial sense.
With today’s rising interest rates, debt carries a lot of weight. Debt means that you owe a lender your heard-earned money, and you will need to shovel your way out of the hole. Debt can cloud the mind, cause stress, cause one to take jobs that are not ideal and even cause depression. In 2023 and beyond, you need to get and stay out of debt.
Debt needs to be addressed. Plans including Dave Ramsay’s “Debt Snowball” can help you. Suze Orman also has advice, but debt solutions can be found in many places. It’s essential that you find an authoritative source for debt reduction and stick with it. Find the root cause of your indebtedness and pursue solutions with alacrity. Ask why you have found yourself in debt and dig deep while being honest about your spending habits. Sometimes we find ourselves in debt due to emergencies, and sometimes it is due to persistent overspending or financial speculation. Whatever the root cause, we need to confront it and make an effort to change.
Once you address your debt, you need to commit not staying out of debt. It’s easy to lapse back into bad behaviors and old habits that lead to taking on debt. We can focus on delaying gratification, building a realistic budget and sticking to it and reducing internal materialistic urges. If emergencies lead you to debt, as this was the case for myself, make it a point to boost your emergency savings account.
In my personal life, I have had to address debt. I found myself in consumer debt after a series of emergencies drained my bank account. I had to set a strict budget, take an assessment of my spending and even take on more hours at work. I also decided to pursue my side-hustle income as a collectible reseller and focused on building the business itself. Increasing income while decreasing spending will supercharge your debt-reduction plans. Finding the root cause of your debt and actions you have taken in the past will help steer your actions that have resulted in debt. I wish you the best in your debt-free journey, and hopefully 2023 will be a major turning point if you have debt to pay down.
Thanks for reading! I appreciate your support, and leave me a comment about how you have tackled debt and any steps you have taken.