There was a time I was in so much debt that I couldn’t breathe. The fear, anxiety of what would happen next when I reached my trench hold coupled with the fact that I could not afford to pay them at the moment. I needed to pay off my debt fast and I needed to do something drastic so I could pay off my loan.
I got a new bed mate
One afternoon, I was outside and was worried when a person told me she needed a place to rent for about 7 night where she could lay her head while she go out on a her daily jobs during the day. I immediately offered to have her as my roommate as she was going to stay for just 7 days and everything will be back to normal. Even if she was going to stay for a month, I was going to have her stay because her 7 days/night rent wasn’t enough to pay the debt but it covered a very vital part of the account.
If you live in a very expensive home and in debt, it is advisable to sell your home to get an affordable home which will help clear your debt.
Watch Your Spending Pattern
I started watching out for things that took out most of my money so I could patch the leaks of my income. I had to monitor how I spent money, what took money unnecessarily from me, and how I needed to work that out. I remembered I used to spend more money when I am with my friends, so I decided to stop going out regularly and change our type of outing so I could save a little.
I worked it out with no break
I had to find other types of job to supplement for the excess time I had at hand. I worked with no break increasing every penny I had and growing my saving capacity so I could pay off the debt. I had to work all day long and all night long from Monday to Sunday, so I could have more income and pay off my debts. The financial companies were not also nice, they already gave me a date, so I had to make something happen.
Calculated every thing
I started working on what comes in and comes out. I started using spreadsheet and finance applications to calculate how much I was spending on a normal day.
This steps helped me clear my debt and it can be used by anyone to clear off a personal debt but once you are done clearing your debt, please do not get into another again for personal use. Debt are to be leveraged for business purposes as there is a possibility that both the money borrowed and the interest will come back fully.
It was really interesting reading through. One bad thing about debt is that it demoralises you and stresses you.
It is not a good state of mind to live with debt!
Wow that is an inspiring story. I’m glad you’re out of debt now.
For quite some time I have followed the Dave Ramsey show. He specializes in getting people out of debt. Financial peace university he and his team call it.
The most important part is to get angry at the debt and attack it with all you have and the things you described in the post as well.
They also talk about the debt-snowball technique, where people list their debt positions from low to high and start with the smallest to let the saving from the first debt clearing help with the second, then the third etc. This helps a lot with the mental draining aspect of being in debt.
Thanks for sharing your story!
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A lot of.people have run into debt because they can't watch their spending pattern. If you can't cation how you spend, be expecting huge debt coming