Debt Is A Terrible Thing In So Many Ways

Category: Finance, Credit.

There are some very good reasons to carry credit card debt.

But even when you go into debt for good reasons, it weighs you down. Unfortunately, too many of us carry it for bad reasons. Limits you. Credit card debt is quite simply a strain on the finances. Makes your life just that much harder. I ve been working for a few years myself trying to get out of credit card debt.

It has taken a year to recover from that and get to where I feel as though I m making progress again. I had been solidly on my way when we were slammed by some medical bills that wiped out all my progress and then some. In the meantime, we ve had to live more frugally than ever. The added debt was in a good cause, but dealing with it has been a strain. Keeping up with all the bills becomes a struggle. What to do, what to do? Figure out what you can cut from your lifestyle to save money.

First thing to do is to live frugally as you try to get rid of the debt. There are many different ways to do this, such as eating out less, sticking to a paid- off car rather than replacing it, even cutting back on retirement savings. Do not pay the minimum. With this extra money you need to work hard on paying off that debt. Even a tiny bit over that will be a help in the long run. Cutting back isn t enough?

The more you can pay, the sooner the debt will be gone. It may be time for a second job or taking a chance on a home business. But in any case, bringing in some more money is a great way to pay down your debt faster. You decide. It s a big sacrifice, especially if your current job already takes up much of your time and leaves you feeling tired, but sometimes that is what it takes. There s risk involved. The home business option is not for those who need money immediately.

You probably won t earn significant amounts quickly. Debt is a terrible thing in so many ways. But it can also be a lot more fun. It stresses relationships. It takes away money that you could use much more effectively. It limits what you can do financially, even beyond what your current earning levels may do.

Once it becomes possible to rid yourself of debt, it is a very good idea to do so.