You can get out of debt without putting your life on hold if you currently have enough money to pay all of your payments and still eat. In fact, I would say that you shouldn't postpone living your life.
There are those that lead a typical existence, complete with highs and lows. They go on wonderful vacations, eat out, shop for gifts, watch movies, and make some changes about the house. Other people also deal with health issues, and car problem, and sometimes job losses.
You might need to boost your income while making sacrifices in areas that didn't mean all that much to you in order to make those things doable — both the enjoyable and the less enjoyable — while still progressively paying down debt. You must also critically abide by the other Truths I've listed below.
You might choose to go slowly but steadily while still having a good time, which turned living without debt into a permanent transformation. That's crucial because living without debt is a way of life, not a passing trend.
That means there is no miracle cure and no pass to get out of debt. No significant limitation is followed by bingeing. There is no "one easy payment," no hurried rearranging of bills, and no combining of debts. Borrowing will not get you out of debt.
To get out of debt may involve changing your spending habits permanently. It entails solely using funds that you already have. Reducing the amounts you currently owe. It is getting ready for the long- and short-term future and living the life that you desire.
You probably think that taking on debt will solve your situation because you are so accustomed to borrowing money in times of need. That's how debt it's sold. Borrowing, however, actually causes debt, which is a more long-term issue than the current, immediate difficulty.
You might not always be able to locate someone to borrow the money from. What happens if you are truly unable to obtain any further loans? What if you have maxed up all of your credit cards and had no other options for financing? With nothing to show for your labors and a mountain of obligations to make, you would be drowning in debt. You would feel hopeless!
Debt is not a solution. It’s a problem. You can choose not to be in debt if you so want. Even when it's a bad or desperate decision, it's still a choice. It can occasionally be a careless decision. The decision is frequently one you justify to yourself as something you "have" to do, for a variety of reasons, many of which are easily fixable and preventable.
If you want to be debt-free, then first thing you need do is to stop borrowing money. You would only use money you already have if you did that. Not cash that you will receive on your next pay day, tomorrow, or as soon as your employer pays you back. Do not spend any money other than what you now possess.
At first, it's challenging and even more so if we have a limited budget. But it is entirely possible and becomes simpler with practice. It gets much simpler after you start paying off debt because less of your money is being spent on debt servicing. It's even easier because you have MORE money at your disposal. A vicious spiral is completely dispelled by this situation.
It's not necessary to pay off your debt in a specific way. Because YOU lead this life, YOU get to decide what's best for it. I am aware that some people don't want to and that others believe debt to be the most powerful tool in existence. That's alright too. When someone claims to know what's best for you but has never experienced even the slightest similar circumstance, don't listen to them. Your life is what you know best.
Simply choose the one that speaks to you, then go forward.
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Debt is a tool. With planning It can be used properly to achieve a tangible goal , also it can be abused and go out of control. Have some room for those little pleasures, so I can still get my 1-2 silver coins a week to satisfy my stackitis.
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Yes, sis! Often times, it is abused. Otherwise, we won't see the figures as they appear.
According to a Bankrate credit card poll, 35% of U.S. adults carry debt from month to month. Financial experts estimate that around 80% of Americans have some form of consumer debt. The average debt in America is $38,000, not including mortgage debt.
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Debt can definitely be a trap.
I use debt to buy inventory to resell, because I can't afford $5K (or whatever) out of pocket to buy that inventory. So I use other people's money to acquire something to sell at a profit, so I ran repay the debt and have money left over to live on. But I'm self-employed and don't GET a paycheck, otherwise.
I would probably use debt to move. We own our home outright, and when we end up moving to a smaller place, we would likely take out a home equity loan to buy (and move into) the smaller place with cash, then clean up/fix up the old place and sell it, and pay off the loan and invest the overage.
But I also recognize that's not how most people use debt.
=^..^=
Debt has its place! Apparently, those are "good debts"... such as mortgages and the like.
Most people use revolving debt because they simply live beyond their means.
Thank you for your comment, @curatorcat.leo .
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Great advice! Debt is like an anchor dragging your down deeper and deeper. Best to avoid whenever possible...
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If only some people would listen, hahaha! Oh well, we will try to do our part, lest they say that we didn't say so.
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I think living frugally, isn’t doing without ….
Many people can learn skills, like car and home repairs @silversaver888!😊
Doing the repairs yourself, can free up cash for savings, and many things that are needed that otherwise you would have needed to pay a professional!😇
Yes, learn home and car repairs, and put some back in your wallet!
Good advice, @silvertop !
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I honestly don’t know how a lot of people can afford to pay for all repairs  that can happen @silversaver888!😲
I am thankful I can do them myself and have for our entire marriage 🥰
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Good advice for those who are unsure which way to go. Take care my sister, and have a blessed Sunday! Hugs and kisses!🤗😘🌸💞 !LADY !LUV
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Hahaha!
Take care too, sis . I hope you have a pleasant Sunday!
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these are some amazing tips. Yeah i agree at the end of the day we are in control. How you spend money. How you get out of debt is entirely up to you. My best advice is for people to increase their financial literacy.
Right you are, my friend!
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I think this post is talking entirely to me.
I am in debt worth close to $200 and I am beginning to cut all my expenses and at the same time trying to boost my income but it seems I am not seeing the rewards for my labour
The reason you want to cut your expenses is because you use credit to pay for those expenses??? Well, if that is so, you are on the right track! Patience, and you'll get there. Minimize the use of credit, until you have it under control. Be patient with yourself!
Thank you for your comment, @biyimi !
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! help(no space) to get help on Hive. InfoBeing a debtor isn't good at all, budgeting and limiting our spendings could help a great deal
Most definitely, @pearlie123 Thanks for your input!
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