How to Get Out of Debt
If you are struggling to get out of debt we would like to help you and will do our best here to provide you with some helpful information and ideas on how you can get out from under the burden of debt
Resolving the Debt Burden
This truly is a big topic and one that will take more than this short article to answer, however, we will give you some opinions and ideas as well as point out some excellent resources below in order to help you regain control of your personal finances. If you don’t have debt, you probably are not reading this, but if you are, congratulations! - You are an exception, rather than the rule.
How’d We Get Here?
We believe that most people have debt which largely stems from either a catastrophic event, such as major medical bills, loss of ability to work, or loss of a job; or as is more often the case – spending more than we can afford. Now, we feel bad in either case, but the question is what can be done about it?
Stop Spending
While OlyLife is not a team of financial experts (we will refer you to some below), we believe that the #1 way to get out of debt is to stop spending. This may sound just plain aggravating to some folks because it is so obvious and they are looking for a magic money well. Guess what, unfortunately, there isn’t one – so the first step in resolving debt is to stop spending money. Sell the house and rent a small apartment like families used to live in and many still do (until you are out of debt.) Sell the car and buy the lowest priced reliable car you can get. Oh, but then I won’t have anything to show for all my hard work (get over it, until you are out of debt!).
Be Thrifty!
Don’t buy anything that is not on sale or that you don’t have a coupon for (until … wait, keep doing this forever!). Humble yourself and go to a Goodwill or other Thrift store – they can use the money for good, and you need the savings! You might be thinking: ”But, thrift stores are beneath me.”
Steps to Take
Look, there is good stuff to be had at these places, you just have to look for it. Since you are in hock, you are not too well off to shop there, you are just pretending! Ok, enough of the tough love opinions. We say these things because we want to help you think about how to take real steps toward improving your one and only life – That’s OlyLife!
Start Living Without Adding a Penny of Debt
If you are really serious about changing your life so that you have no more debt, the ideas above are scary, but challenging to you. If you are not serious, you probably think our opinions are those of a crackpot (smile). We truly want your comments so please comment below and let us know how you are doing or what information we can bring to help you improve your one and OlyLife!
Struggling With Debt? Read Books From the Experts!
Here is a resource that, for a very small price, may help you get of debt in a big way so you can begin to improve your one and OlyLife!
Buy Suze Orman’s Action Plan: New Rules for New Times at Amazon
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