A lot of people have a lot of debt. Debt becomes a way of life, something you can’t imagine yourself living without. For chronic debt-holders, it is understood that some people manage to live without debt. But that seems like such an unlikely possibility that it’s not even worth thinking about. I’m here to tell you that getting out of debt is possible, for just about everybody. But it takes a personal revolution and a total realignment of priorities. That’s a decision that most people aren’t going to make very easily. But what if you had a really good reason?
Debt sticks. And it doesn’t just stick in your life. It holds back future generations, too. It has been shown that children of parents who have a lot of debt find it a lot harder to move up in the world. This includes access to education and home ownership, among many other social factors. But that doesn’t just go for a single generation. Studies have shown that bad money habits tend to run in families for many generations. Even if there is upward mobility happening among the children and grandchildren of debt-ridden folks, it takes a lot longer than the upward mobility of debt-free people’s progeny.
If you have children, or plan to have children, this is a great reason to get out of debt – possibly the best reason. Even if you don’t want to be a parent, you should understand that your debt will hold you back. And it’s not just because you won’t be able to afford things. Debt hurts your credit worthiness, meaning that banks won’t give you good loans to buy houses and cars. Debt forces people down; it’s just the way it works. All the more reason to make a change today.
But how can you do it? Debt elimination requires a new way of living. I would start by canceling all but your oldest credit card. Don’t give yourself the possibility of applying for more. Then work out a budget, spending the bare minimum in all places, including food, fun, and utilities. Then maximize your earning opportunities. If you can work extra hours, work them. If you can take on another job, do it. If you can quit your job and get one that pays more, don’t delay. Devote 6 months of your life to working harder than you ever have before. When the dust settles, look up and figure out the progress you’ve made.
In many countries, the government provides debt-reduction help. After all, debt-free citizens are better for national governments than those who don’t have any money. Taxes, folks. Programs like Trust Deed Scotland can help people by freezing their interest while they spend time focused on eliminating debt. It helps get people off the treadmill of debt, and actually changes lives. See what’s available in your area for debt forgiveness help and even counseling.
After all this work, you’ll start to see a big payoff. You’ll have a lot less worry in your life. You’ll be able to do more things. And your kids will have a much better future. There are literally no downsides to getting rid of debt, except, that is, you actually have to work for it. I don’t want to make it sound like it’s easy, or that you’re a bad person if you have debt. It happens to almost all of us. What I am saying is that almost all of us can make the necessary change.