Paying Off Debt And Getting Back On Track

The U.S. is the richest country on the planet. It is also the country with the highest percentage of residents living from one paycheck to the next. According to a recent study by ACNielsen, one in every four Americans reported not having any extra cash. Each year, as many as 2.5 million of us consult with a credit counselor, mainly to avoid bankruptcy.

Indebtedness has become part of our culture and recently worsening economic conditions have made it more of an issue. Many of us are spending too much without realizing it and are not focusing on ridding ourselves of our most expensive debt. We do not need to totally eliminate spending to improve our financial situation, we just need to spend more wisely. By financing our lifestyle, we are betting that we will someday have the money to repay what we borrowed, which is a risky situation.

Recognizing that we do not need to live our lives with car payments, mortgages, credit card payments, and student loans is the first step, with things getting easier from there. In ancient Rome, if we were unable to repay these debts, we became a slave to the creditor, who could actually kill us. The modern-day situation is better, but not much, because creditors can still severely impact our lives.

If we constantly fear that an unexpected expense will be doomsday for our finances, the impact of debt is not so subtle. Those who live paycheck to paycheck have little to no discretionary income. People who are lucky enough to have extra cash often spend it paying off credit card debt. For others, bankruptcy has begun to seem like the only option.

This is a horrible way to live and can destroy an individual or a family. Economist Ben Stein stated, “There is nothing you can buy that feels as good as being in debt feels bad.” One way to get out of the situation is to follow the rags-to-riches techniques used by some of the wealthiest individuals. These folks were able to pay off their debt and achieve financial freedom.

We do not need to work a second job or get a promotion to pay off our debt. By employing some debt elimination methods, we can achieve zero balances on our credit accounts and spend wisely in the future. The entire process will not take years, but only months, leaving us to breathe easier and enjoy every day to the fullest.

By: Stacy OQuinn

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