Living in debt can be remarkably stressing, especially if you are trying to pay interest on your debts. It is one thing to be in the red, it is another thing to have interest rates compounding the redness of your balance sheet. It is easy to think that the way out of debt is to start to save, but not until you are out of debt. If you are paying 14 on credit card interest, there is no sense in putting your money in a savings account that is paying 1 interest; in fact, it makes no sense to have any kind of savings plan that pays less than 14 . You are still losing money even when you think that you are saving it. Pay your debts first before you start saving. You cannot start to go in a positive direction until you stop going in a negative direction.
Family can be helpful
If you have debts from banks or credit cards, you should come to the realization that the interest on those debts will simply compound your debt. People like the “easy money” myth that credit card purchasing can preach. They do not realize that their short term pleasures can land them with some long term pains when they find the interest on their premiums compounding monthly and in the process compounding their problems. If you have a good relationship with family members who are willing to lend you money to pay those interest laced debts, you will be able to save yourself a great deal of money and time when it comes to paying off your debts. Even if you have to pay your family members a small amount of interest on their loans to you, it will beat what the banks and credit card companies will be charging you.
Preventative maintenance is a key
Making debt relief a priority includes adding a disciplined element to your life to relieve you of debt before it even begins. Ask yourself, “Do I really need this item today?” Give yourself twenty four hours to think about it, or maybe a week. Often the spontaneous urge of the moment to purchase will pass. It is one thing to need an item; it is another to want it and want it so badly that you hurt yourself financially in the process. Minimizing your amounts of credit cards will also minimize your ability to run amok with credit card purchases. If you only one have one or two cards, you can only maximize one or two credit limits.
The importance of prioritizing debt relief
Prioritizing the relieving of your debts not only takes pressure off you, but among other things, it can take pressure off your relationships with others. More marriages are ruined, not by infidelity, but by financial mismanagement. For relational reasons alone, making debt relief a priority is truly a worthwhile pursuit.
In the end, remember that debt is going to take a while to pay off. Without patience, and discipline, you will soon find out that it’s going to be harder than you think. Have a positive attitude, and great things shall come.
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