Three Secrets to Avoid Drowning in Debt

12 day(s) ago
Main Category: Business
Sub Category: Business Services

Do You Feel That You Are at the Edge of a Debt Precipice?
It's an uncomfortable feeling. As each month's bills come in, you feel the temptation or the necessity of choosing the minimum payment option. That means there's more to pay next month, but you may have a fixed income job that won't give you extra to cover the credit debt.
And as you see the balances going up, you wonder what can be done to solve your debt.
Why It's Urgent You Know This Credit Debt Secret
Credit card companies do very well when you pay the minimum each month. They earn a lot of money off of you. Credit card annual interest rates can be as high as 15 to 20%, so maintaining a balance with them month after month gets to be an expensive proposition!
To put this in numbers, let's say you have a debt of $18,000 to the credit companies at a rate of 18.9%. If you pay it off over five years, you will be giving them almost $10,000 in interest! $10,000! What better things could you with that money? Do you even have $10k to spare? And if you don't tackle this problem quickly, it's only going to get worse.
But if you pay it off in just one year, your total interest will be less than $2000. There's $8K just saved. How about that?
What to Do Now That You Know This Explosive Secret
The first thing to do is to not let this happen. It is not just a function of money available, it is a function of mindset. True, if you really have no job and no income, money is a problem. But society will not let you starve, and either social programs or charities will help you out.
For most people who have some modest income but are facing this challenge, the first line of defense is deciding to not increase your debt. Making that commitment creates psychological momentum that will propel you to change the way you spend money. Commitment is a potent behavior-changing force.
But it is more than just changing a habit. Once the decision has been made, and the commitment written or spoken in front of others, it is time for Step Two.
How Powerful Is a Scoreboard in Fighting Your Debt?
Amazingly so. At a college football game, the scoreboard turned off in the middle of the first half. The crowd started to become distracted, to the point of hardly cheering when a touchdown was scored! Once the board came back on, the fans reengaged with the game.
Let's say you run a mile on the track with a stopwatch. Then let's say you do it without a stopwatch, and knowing you'll never find out your time. Which one of those runs will be more motivated and faster?
You need proper accounting on a regular basis. I recommend using one of the many excellent software programs out there. You can also simply create a spreadsheet.
Your task is to carefully chart how much you spent with your credit cards each month. Make a graph if you can. Treat it like a scoreboard. That will motivate you to do better and better. If you combine that with charting how much you owe the credit companies monthly and compare it with your new charges, you'll see clearly whether you are going up or sliding down.
Knowledge is power, and in this case, psychological power to get you excited about fixing this dangerous situation and proving that you can do it.
Break Free from Debt with This Powerful Ally
These three words that I'm about to share are the critical key in the success of the world's richest people. They are the approach and mindset of the highest achievers. The shining success you wish to achieve will be impossible without internalizing and implementing these three words. What are they?
• Who, Not How!
This rule, articulated beautifully by entrepreneur coach Dan Sullivan, is at the core of every great success story. Napoleon Hill, in Think and Grow Rich, tells how Andrew Carnegie made his riches in the steel industry while barely knowing how it worked.
How did he do it? He had those who were experts make it happen for him. He didn't waste time trying to figure out something that others could do easily. He focused on his specialty, business, and hired the steel experts to do the steel.
The same for you. If you are a little too close to that debt precipice, get yourself professional free debt help. My website provides a resource of free debt counseling for any US citizen with over $5000 of unsecured debt. There are resources to help with debt reduction, consolidation, renegotiation, and other solutions.
Make Who-Not-How Free You Up to Earn Money
Let's face it. If you were earning as much as you wanted, you probably wouldn't be reading this article. You probably wouldn't have a debt problem. The precipice wouldn't scare you, you'd have a comfortable glider at the ready.
So if you are going to spend your time figuring out how to resolve your debt, when are you going to invest your time in earning more money? The main benefit of Who-Not-How, aside from being effective in reducing debt, is that it frees you to focus on increasing your income.
And, needless to say, it's wonderful to be able to pay off all those credit cards in full in short order! Which, by the way, gives your credit score a major boost which lets you get a better job, a better mortgage, do all of the things that bad credit can really block.
Are You Ready to Stop Debt in Its Tracks?
So now I hope your mind is working. You realize that psychology and mindset are crucial elements in keeping away from the debt precipice. You've made a commitment, in writing and to your loved ones, to stay safe and lower your debt.
Then you engage the power of knowledge. You start tracking your finances on a daily basis, or at least three times a week. Using either software or a spreadsheet, you know how much you put on those credit cards every month, and automatically will think twice before using them again. This "scoreboard" approach will make it easy, even fun, to reduce your spending and your debt.
Finally, you may turn to a professional to guide you. They may help you consolidate your debt, dramatically lowering the monthly payments while boosting your credit score and turning things around for the good. They can do a lot more than just consolidation, though, as each case is unique.
Most importantly, you will be free to put your time and energy into earning more money with which to pay down your debt fast.
At the end of the process, you splurge a bit of money. But this time, it's justified. You just paid off the last credit card, and it's time for a party!

Seth Lutnick is a content creator on topics of personal planning, effectiveness, finance and debt. His website has all the resources you need to solve your debt challenge. Please visit




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