Most Americans accept debt as normal.
They believe you should get used to it. We are all taught that a mortgage, car payments, student loans, and credit card debt are all normal things. We don’t realize a life outside of monthly payments can be achieved. Look at your family, do you have debt? Where is your debt coming from?
I’ve been in deep debt more than once. I’ve already described the terrible situation my ex-husband left me in when he decided to leave. After I was remarried, we found ourselves in debt again. We owed nearly $75,000, but it wasn’t due to extravagant living. It was due to ordinary expenses such as school, cars, and a small credit card debt.
We started paying off the debt, and I remember the feeling of getting rid of that $10,000 on the credit card. It was the most freeing feeling to know that I didn’t owe anybody anything. There is so much freedom in being debt-free. It’s the best freedom you can possibly feel! It’s not easy to do but it’s worth it. What is your most overwhelming debt? I want to inspire you to take action and get rid of the debt that is holding you back.
As I think about my own journey of financial mishaps (including temporary bankruptcy after my first husband left) and look at the broader culture, I see four reasons why people get into debt and usually stay there.
Reason 1 – it’s normalized behavior. Almost everyone borrows money for a house, cars, college, and furniture, among other things.
Reason 2 – Second, we get caught in a comparison trap. Social media has made the comparison much worse. We see other people’s pictures of vacations or their new car and we want to have those as well. It would be a fascinating study to see if the average amount of consumer debt has risen alongside the use of social media in the last 10-15 years.
Reason 3 – People are seeking happiness through material things. When you’re never content with what you have, you go out and try to purchase happiness with more material goods.
When you put these three things together it’s a vicious cycle of financial and emotional imprisonment. You have a situation where it’s normal to compare yourself to others, feel unhappy, then try to buy happiness by going into more debt.
Reason 4 – This one is beyond your control. Sometimes other people’s behavior creates financial problems and you have to deal with them.
Whatever your situation, know that you can dig your way out, too. Most people don’t have the situation I did: someone leaving you with a pile of debt and financial problems. Most of the time, debt is a prison of our making … but sometimes you are locked up in financial prison because of someone else’s crimes.
This is not a complete list of how to handle your finances. Instead, these are ten simple suggestions for getting out of debt and staying that way.
1. Have the right attitude
2. Buy only the groceries you need.
3. Cook at home.
4. Get organized with a budget.
5. Don’t buy the best of everything.
6. Be honest: do you really need it?
7. Make bigger debt payments.
8. Learn how to deal with debt collectors.
9. Start a business to make extra money.
10. Don’t give up.
The question of getting out of debt ultimately comes down to this: how badly do you want freedom? How much do you want to bless your family in future generations? What kind of life do you want for yourself and your kids?
Take the next step, unlock the possibilities. Here are three things to think about:
1. When you scroll through social media, do you compare yourself to others taking vacations or buying nicer things than you have? If this is a problem, consider doing a “social media” fast or unfollowing anyone who sparks feeling of jealousy or “comparison-itis.”
2. Review the list of ten practical suggestions I’ve included for getting out of debt. Which three items could you begin doing immediately?
3. If you are married or have a partner, schedule a time to talk about your budget, income, and financial goals. Do your best to get on the same page about money. You will be much stronger working together than working against each other.
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