Debt Reduction and The Secret of How to Get There
May 11, 2008
The secret to debt reduction is for the debtor to be truly committed, 100%, life-or-death committed, to getting out of debt. Have you ever been obsessed about achieving something? Take a moment to look back on your life and think of a time when you were obsessed.
Getting Excited About Debt Reduction
Maybe it was while you were in college, and you were obsessed with getting good grades. You attended every class, and you took copious notes. You read ahead in the syllabus and focused on your assignments with feverish intensity. You started studying early in the semester so you weren’t caught short at Finals or mid-terms. Your friends and family knew better than to expect you to slack off and hang out with them.
Maybe it was a car you were excited about. You looked up pictures of it on the Internet and read reviews about it. You read the owners’ club pages and rubbernecked every time you saw a car like it drive by while you were cruising around town in your boring old car. You sacrificed, saved, and put away all the money you needed to buy your dream car. And then came the proud day when you owned that car, and it was yours.
Get Really Obsessed About Debt Reduction
Debt reduction requires real commitment and dedication….and, yes, obsession. You should think every day, 24/7, how you can accomplish reducing your debt. As you get on the bus or train for your commute to work, instead of driving, pat yourself on the back for all the money you are saving on parking, gas and tolls.
During lunchtime, when your co-workers spend upwards of $10 or more on sandwiches, salads, hot dogs and hamburgers take out your sandwich or salad from your brown paper bag you brought from home and congratulate yourself saving $50 or more per week. That is over $2,600 per year you can apply toward debt reduction!
After getting home from work, enjoy a movie….on DVD. Save up to $20 or more by watching a movie at home rather than going out to see one. Have dinner, and indulge in dessert if you wish, at home. Is there someone who can teach you how to cook if you don’t already know how? It is definitely worth asking!
Keep Track Of Your Changes
Keep a notebook or journal of your quest for debt reduction. Write down every cent you save, so you will know that your minor efforts have been worthwhile. At the end of every week, add up your savings and write a check for the amount you have saved. Use that money to achieve your goal of debt reduction by applying that sum to your highest interest credit card.
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