No Easy Way Out
By Ryan Healy | December 9, 2008
When it comes to digging yourself out of debt, there is really no easy way out.
It all comes down to following a simple set of “lifestyle principles” — and following them religiously. For instance:
- Being frugal.
- Spending less than you earn.
- Checking account balances frequently.
- Using surplus cash to pay off debt.
- Delaying gratification.
- Commitment to being debt-free.
- Long-term vision.
Of course, there are so-called “short cuts” like bankruptcy and debt settlement. Both are appropriate in certain cases, but they are not without their costs.
Both bankruptcy and debt settlement will cause you huge amounts of stress… and will likely destroy your ability to access credit for years.
So, yes, they will get you out of debt faster, but they won’t spare you from pain.
No doubt about it, debt stinks. But there’s no easy way out.
Keep practicing the right behaviors over and over again and you’ll get there. Probably faster than you think, too.
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Topics: Credit Cards, Debt Reduction | Comments Off
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