How to fight debt

 

It is no secret that every American family is facing financial difficulties. During the last decade climbing interest rates, unregulated mortgage loans, uncontrolled credit card rates, and student loans are killing our economy. With higher costs, American’s are forced to live beyond their means borrowing more at higher interest rates. What can we do to overcome the debt that we have accumulated? Well it is not impossible to overcome debt and be financially stable again, but let me tell you the path is narrow and hard. If you are willing to accept the past and move on you can fight off your debt.

 

Focus on the solution not what caused the problem

The first thing you need to acknowledge is that you are in trouble. Only acknowledge it don’t let it depress you. What is done, is done and we cannot travel back in time to change it. If you are in a relationship, do not point fingers at your partner. Over 60% of divorces are a result of financial difficulties; do not let debt destroy your marriage. My wife and I ran into this problem to the point where we just wanted to blame someone other than ourselves for the financial situation we were in. What we came to realize is that either one of us wanted to admit that we screwed up. We never put money away for savings and we blew money like it was going out of style. Know that were older and wiser our mistakes are catching up to us. We decided to focus the blaming each other energy towards what can we do about it.  Once you have realized that you have a problem you can easily address it. For example if you don’t know your bad with money you can easily go out and buy something to make you feel better, to hide the truth from yourself. If I buy something, it tells me that I am not in a financial situation because I can go out and buy whatever I want. Well the problem with this is that you’re probably charging it on a credit card is on the verge of maxing-out for that purchase. Once you change your mind set you can change your spending habits.

 

Note: Here’s a little trick I learned from a very well respected physiologist: if you stop every day and think about a problem for 10 minutes and try to solve the problem you mind will work on it for 8 hours on its own subconsciously. Therefore, for every 10 minutes of conscious thinking your mind will work on trying to solve the problem for 8 hours. Do the math the mind will help you come up with a solution.