What can be added to the happiness of a man who is in health, out of debt, and has a clear conscience? – Adam Smith.
Yes, Adam Smith got it right, what else does a man who is out of debt need other than to be thankful. Most Americans today are under a load of debt and will give anything to get out from under this burden. However, there are certain DOS and DON’TS when in debt and want to get out. Let us examine some of the major things you shouldn’t do and things you should do when in debt. The goal is to get out of debt as quickly as possible.
FIRSTLY, YOU NEED TO TAKE CHARGE OF YOUR FINANCES:
It is absolutely unnecessary to start passing the buck, take responsibility for your current position. Some of your actions and inaction got you here and no one else should be blamed. By taking responsibility you have won the first battle, this will allow you have a clear conscience and make you think straight, you will then realize that to get out of debt depends absolutely on taking the right decision henceforth.
SECONDLY, YOU WILL NEED TO CONSULT A PROFESSIONAL FINANCIAL PLANNING ADVISOR:
Earlier on I suggested you take responsibility for your indebtedness, part of taking responsibility is admitting your naivety concerning financial matter, probably if you have been financially savvy you wouldn’t have found yourself in this situation, admit your financial ignorance and consult a professional debt management organization or professional.
THE NEXT THING TO DO WHEN IN DEBT IS TO START A SAVING PLAN TOWARDS FUNDING YOUR DEBT SETTLEMENT PLAN:
Debt settlement comes at a cost and you must be willing to bear/fund the cost of getting out. Look critically at your monthly bills and see which ones can be reduced drastically, some items on the bill you really do not need, Start living smarter by cutting down on frivolous spending.
STEM THE SLIDE:
Since you are already on the downward slope it is necessary to curtail the slide. Acquiring further debt is a NONO. Do not think of getting another credit card debt. Some school of thought will suggest you acquire debt to pay existing debt but I suggest you look for a more innovative way to increase your capacity to generate more income, it can be done and you can do it. A good debt settlement company will assist you to make the breakthrough.
FINALLY, SELF DISCIPLINE IS ESSENTIAL IN YOUR EFFORT TO GET OUT OF DEBT:
Be disciplined in further financial dealings, stick to the settlement plan worked out by your financial advisor, stop all unnecessary expenses and maintain a low profile.
Take responsibility for your indebtedness, consult a debt settlement expert or advisor, save for your debt settlement plan, stem the acquisition of further debt and be financially disciplined. These are some of the dos and don’ts when in debt. By paying attention to the aforementioned, you will soon be debt free and things will then start looking up for you again.