Why Debt Reduction is Serious Business

Debt is a form of slavery.  You have the ability to break out of prison if you're willing to make changes.  As someone who has climbed the highest mountains and survived the deepest valleys, I can assure you the view from the mountain peaks is worth pursuing.  You don't need to remain confined for a lifetime if you're willing to make sacrifices.

There are people on both sides of the fence who have a vested interest in your debts.  The credit card companies, banks and mortgage people want a long term relationship with you.  Those on the other side of the fence will take your money to show you how you can escape the misery of overpaying those high interest rates causing you to suffer in debt Hell.

Your first step out of the valley of debt is to find out how deep the water is before you drown.  Add up everything.  Itemize every debt you have.  Calculate how much money you're spending in interest.  This may make you sick.  This interest is money you're paying others to make them rich while you struggle to make ends meet.  This money could be your retirement investment instead of someone else's yacht.

Stop using your credit cards immediately.  Pay cash for everything.  Focus on the one debt you have with the smallest balance and do everything you can to pay it off as fast as you can.  Stop eating out.  Eat beans and rice until you gain control over your finances.  Drink water.  Don't worry.  You won't starve.  When that first debt is paid, move on to the next smallest debt and double up.  Keep going.  Don't stop until all your credit cards are paid off.  Move on to your auto loans.  When those are paid off, open up a savings account and contribute monthly "car payments" until you have enough to pay cash for your next vehicle.  It's amazing how fast you can do this when you stop paying interest to others and pay yourself instead.  Your final frontier is your mortgage.  You may be surprised how fast you can eliminate this debt when it's the only bill you have.  You can do this.  Debt reduction is YOUR serious business.  Have a great day.