Is it possible to get out of debt?
- Absolutely, there is no doubt that one day you can be debt free. However, to do so requires time and a lifestyle change. Wanting to rid your life of personal debt is a big decision that may seem promising in the beginning but the actual execution can be difficult.
- The younger you are, the harder it is. Most college kids get wrapped up in the glam lifestyles of celebrities and pro athletes, and want to have the same things. What they don’t tell realize is that these lifestyles are nearly impossible to maintain. My favorite example of this is MC Hammer, I think most people are aware of how his life is now. If not check this out, “Hammer Time”.
What if I don’t want that life?
- Finally, somewhere after college and your third job in 5 years, you finally realize that the glam life is not practical. You realize that Coach purses and 70 inch plasma are nice but you can do without them. You understand that just because Chase Bank gives you a $5,000 line of credit you don’t have to max it out.
- Don’t sell yourself short though. If we didn’t have dreams and nice things life would be like a Chinese prison.
Where do you draw the line?
- Ah, isn’t this the million dollar question? Well, if you want a home most likely you will have to go in debt to get it. Thirty years is three decades and most people don’t live in the same place for more than one decade. A car is a necessity outside of New York or Boston (but you’ll make up the cost in rent trust me). I’ll assume you don’t have $15k for a car so again you’ll be in debt for another 5 years. This continues on like a bad Steven Seagal movie, except your bank account is the one getting the beat down.
- You get the picture. Now with all this debt and very little left over for playtime, what do you do on a Friday night? Sit at home? I hope not. No, you go out and party with friends and guess what you have such a good time you run out of money. Then you say the classic line, “Oh, I’ll just put it on my credit card”. So the process begins.
So how do I get out of debt?
- Make more money! If it were only that simple. Well I can promise you; this if you continue to make the same amount and do nothing but budget your expenses you will be 50 years old wondering what the hell happened to your life.
- Being debt free is a great goal but you have to enjoy life too. The stuff that will kill you is credit cards and/or buying crap you can’t afford. It may sound simple but it really is that simple. If you can’t tell the difference give me your money I’ll spend it for you.
Related Post:
- What does the Bible say about Debt?
- Debt of the Rich and Famous
- Why Being in Debt Sucks for Everyone you Know
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4 Comments until now.
I absolutely agree. I think if more people would focus on creating life experiences instead of obtaining material objects not only would it be easier on their wallets but they would find it to be more satisfying.
The whole young people and their ideals thought is particularly poignant now. I have to kinds of young clients it seems – those that you have described and the others whoa re so bogged down in college loans, they think Ramen Noodles are a luxury. But your advice works well for both (and may make the latter feel better).
Thanks for coming by ladies. Well Credit is too broad a subject to group everyone in the same boat, however going off of my experience and the others I have talked to. You are correct though that there are many people that struggle through school. God bless them! They honestly learn the value of money at just the right age. I would say these people are much more likely to succeed.
Nice post. I’m in the stage where it seems like I will never be out of debt but I am working hard to fix that. Remember to focus on the positive when paying off debt – it helps. When it seems like there is too much and you will never pay it all off focusing on positive aspects makes life much better.
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