Debt Reduction Motivation

I received an email that asked what it takes to get out of debt. I don’t think there is an easy cookie cutter answer to this. Yes, it means spending less than you’re making and making payments toward the debt. That’s the simple answer, but what I’ve found is that for the majority of those who pull themselves out of debt, they have embraced a compelling reason to get out of debt.

There is more to overcoming debt than merely wanting it to go away and knowing how to accomplish this. Before any debt reduction plan can work, you will have to be committed to get out of debt. That is, you have to find a reason that is more powerful than not doing anything at all. Not doing a


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3 Responses to Debt Reduction Motivation

  1. Frugal Momma says:

    There is no easy answer. It took us over 3 yrs to pay off over 20k in debt. We didn’t charge anything new and made a pledge not to use credit cards unless we could pay if off immediately.

    Happy New Year
    Theresa :)

  2. Reality Bites says:

    1. MAKE A BUDGET AND STICK TO IT! All the people I know that have money have kept obsessive track of their money. I record EVERY purchase in quicken, that includes a 20 cent chocolate. You have enough money now! You just have to learn to spend more wisely. I know people who have moderate incomes, that have saved a small fortune, just because they keep track of their money. I got rid of over 20K in debt myself. If you can’t do this, then give up. People who have money do this. Occasionally there are types that have money and don’t budget. I wouldn’t bet on them having it long, unless they are tightwads. I still spend too much, but I can afford to now, because I know where my money is going!

    2. Increase your income. There are many ways to do this. Get another job. Inprove your skills, market yourself more. etc… ect…

    3. Stop being such a consumer!
    When I finally got out of debt and had some extra money, what did I do with it? I spent it! Unwise purchases bring little contentment.

    4. Set goals.
    It’s supposed to help. It worked for me. Start with small ones. “This month I want to reduce my Visa bill by 20 bucks”. over time it will start to snowball.

    Listen to the Dave Ramsey podcast for more advice, (you might want to buy his book)
    Live below your means. It is that simple, and all the people that can do it are keeping track of their finances. Try recording every (I MEAN EVERY) transaction for a month. WRITE IT ALL DOWN!
    Then if you find it instructional, helpful, try it for one more month. After that it will be a habit. My friends used to critize me for it, now I lend them money to pay down their debts.

  3. Charles Hamel says:

    Dave Ramsey is a great advisor, Nice article. Getting out of debt is the first step in financial freedom. Parents need to step up and teach this info to their children.

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