You know debt can be bad, but you might not know these five weird truths about getting out of debt. If you don’t know how to get out of debt or where to start, Creditaid is here to help.
Consider these weird truths about eliminating debt to motivate you to start your debt-free journey.
1. You Don’t Have to Change your Life Drastically
Most people assume they must stop living their life to get out of debt, but that is not true. If you have money to pay your bills and the daily cost of living, you can allocate your ‘extra funds’ between ‘fun’ spending and debt payoff. You do not have to give up everything to get out of debt. It is a slow and steady process.
2. Living Debt-Free is a Lifestyle
Just like healthy eating and diets can be a way of life, not a fad, the same is true of getting out of debt. Once you eliminate your debt, you should create a budget that helps you reach your goals and stay out of debt. Just like losing weight, getting out of debt does not happen overnight. It could take months or years, and that is okay if you stick to the plan.
3. Debt is a Choice
You might feel like you had no choice but to get into debt, but what if you reframed your thoughts?
Sometimes, yes, debt is necessary to handle extreme emergencies. But in most cases, it is a choice to borrow the money and spend it how you want. Even emergency borrowing is a choice resulting from choices before the event that made it impossible to cover the current emergency.
4. There is not a Right or Wrong Way to get out of Debt
There is not a certain way to get out of debt. The right way is what works for you. This method may not work for your neighbor or sibling, and that’s okay. If the method you choose helps you get out of debt, it is right for you, and what works for someone else may not be right for you.
5. Accountability can Help you get out of Debt
Getting out of debt can feel lonely, especially if you feel like you must sacrifice. Finding an accountability partner or working with a credit counsellor can help you feel more in control and less alone. As a result, you will feel motivated and better able to keep going even when it feels tough.
A heavy debt load is tough to manage. The key is figuring out how to get out of it. There is no room for blame or time to ponder what made you reach this point. Instead, face the truth and figure out how you will move forward.
With the right steps, you can get out of debt. It might take months or years; it requires some sacrifice, but it still allows you to live your life to the fullest.
If you are over your head and cannot find a way out, one solution is a Debt Management Program to consolidate unsecured debt into one affordable monthly payment. Contact Creditaid today to learn more.