Free And Clear: The Process Of Eliminating Debt Requires Patience

Having debt isn’t fun. In fact, it can be downright annoying. The most troublesome element of debt isn’t that the majority of people have it but that it often is viewed by the masses as just another part of life, that everyone has it and dealing with it isn’t a priority. Debt weighs so heavily on our minds; however, it doesn’t translate into taking action mostly because it is viewed as futile. You make your minimum payments, and you try your best, you borrow when you need to and try to pay as much as you can. But debt doesn’t have to be something you’re saddled with for your entire life, when you commit overall to be free of debt for the most part, with only using and acquiring debt when it is the kind that is beneficial and truly necessary (house, car, school, etc.). Debt usually comes from two things: living beyond your means or not having a budget. The first one is pretty simple; most of us want a hot tub, swimming pool, vacations and anything else that isn’t our cable or electric bill, car payment or gas for that same vehicle. But that doesn’t mean we can have what we want, and that’s perfectly acceptable given that you don’t want to go into debt for things you don’t need or can’t afford. That also starts with where you live, such as a house that you can’t afford but were approved for anyway. Once you get the living within your means under wraps, the budget is essential. You can look at your overall picture and get a better idea of where you stand and then budget out accordingly, so you know exactly how much money you have saved or at least have the potential to do so. The key is patience and that temperament is paramount to putting debt behind you. If you have $20,000 in credit card debt, then you have to know this is a four or five-year endeavor. Thinking about that number, what you owe and wondering if it’s going to be worthless even to try or put any effort into it at all. The truth is that is the exact path you need to take, and all or nothing approach, but not in the way that you’ll dwell on the impossible. From budgeting to being careful with your spending and focusing on the positive that is starting from step one and seeing it through, banishing debt is more than just a possibility.