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Do you feel yourself drowning in debt? Are you struggling to make your monthly payments? it’s important to know that you are not alone; I’ve been down that path and I know the feeling of dread, that sickness in the pit of your stomach when you see another bill in the mail.
Well I have some hope for you because taking control of your debt situation begins with simple baby steps.
A journey of a 1,000 miles must begin with a single step – Lao Tsu
1. Accept the Situation
The first thing you need to do is stop beating yourself up over your debt. Face the problem head on and work to tackle it and find a solution. Letting it fester will only make things get much worse and cause a lot of problems.
2. Forgive
You need to forgive yourself or your spouse for incurring the debt, running around with a bunch of bad blood or regret is a no win situation. Put the past behind you and focus your eyes on the future.
3. Commit
Make a commitment that you will put all of your energies and resources into solving your debt crisis and bringing things under control. This has to be a solemn vow that you put your entire heart and soul into if it’s going to work.
4. Master
Take control of your finances by changing your spending habits and creating a forecasting plan. You need to determine how you will achieve the goal you have committed yourself too. This is the detail part where you plan out your cashflow and your repayment plan.
5. Stumble
If you mess up don’t worry just get right back on track where you were. It’s important to realize up front that sometimes life has a way of coming around slapping you around a little when you least expect it; realize ahead of time that it might happen and be prepared to get right back on your plan ASAP
I remember when I was at one of my lowest points buried under a pile of debt I would feel that there was no hope because I was allowing myself to become overwhelmed by the enormity of my situation, I was mad and angry at myself for getting into this situation in the first place and I just didn’t know where to start. I finally realized that these baby steps were the keys to climbing out of my nightmare.