Debt - Don't Let It Take Over Your Life|
by James Demeik
Remember when you obtained your first loan? You feel the
excitement because you can now buy stuff on credit. It
probably never occurred for you to think about the debt
created. Your just enjoying the new car you bought. Think
about the looks on your friends faces when you pick them
up. You need new clothes to go with your card. Department
store credits do the trick. A gas credit card keeps the gas
tank full. Little by little the debt grows.
Before you know it, there is more debt then monthly income.
What happened? Purchasing all the stuff was easy. Not until
the bills arrive does it hit you that you can't pay them.
You are not alone in your struggle with debt. Millions of
people yearly find themselves overburdened with debt.
There are solutions, but they are not magical. Just as it
took some time to acquire the debt, it will also take time
to be free of the debt.
To begin your road to financial recovery, you need to look
at your situation and find all the possible solutions.
Don't go out a declare bankruptcy or get a consolidated
loan to reduce you monthly payments. Sometimes these
solutions can lead to bigger problems
You may want to start by looking at your current monthly
budget. Look for unnecessary spending and ways to
eliminate and reduce your monthly spending. What debt or
spending can you eliminate? Some example might be taking a
bag lunch to work, instead of going to the local
restaurant, giving up the weekly movies, or carpooling to
work. It doesn't sound like much, but you will be
surprised at how much you spend on non-essential items
during the course of a month. You will also be surprised
at how quickly this can help your debt situation, if you
apply the money you have saved to existing debt.
Another solution might be to take a second job, or do some
moonlighting if you have skills that you can promote on
your own. Make sure to apply this extra income to the debt
you have created.
The real solution is to take your debt seriously, before it
gets out of hand. By taking corrective and preventative
measures, you can live comfortably with a reasonable amount
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