How to Punch Your Debt in the Face

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Most people that I know have some form of debt. Whether it be credit cards, student loans, mortgage, shark loans…You get the idea. At times your debt feels like it is suffocating you and you feel like you are drowning in it.

The worst thing you can do is let your debt fester. To ignore it and think that it will just go away on its own.  It never does and it always comes back to bite you in the a**.  And now the interest amount on your debts has gotten even bigger, the debt collectors are calling you on what seems to be an hourly basis. You try and dodge their calls, but they keep coming after you.  You think about filing for bankruptcy and letting it all go. You can’t take it anymore.  But you have student loan debt and they are immune to bankruptcy. You will have to start paying it off. There’s no way of getting around it.  You’re tired of it all but don’t know where to start.

Well, I will tell you how and where to start so you can get your financial life back on track.



Fess up to your debt

You need to be honest with yourself and just accept and admit the debt that you have. No more running away from it, no more excuses. You and you alone are now responsible for whatever you owe.  The faster you accept this harsh reality, the better off you will be.  Stop playing the blame game. You are responsible for all your past decisions.


Stop caring what other people think about you

Many people get into debt because they are trying to keep up with the Joneses.  People try to impress people that they don’t even like in the first place. If you take a step back and think about this, you will also realize how ridiculous and wasteful this notion really is.  Once you stop caring how other people view you, you will soon be able to control your spending and eventually put a stop to your out of control debt.  I’d rather carry around a $5 wallet with $500 on it then carry around a $500 wallet with only $5 in it.


Taking action will diminish your fear

This step is the most important in tackling your debt. When you actually start doing something about paying down your debt, you will start to feel the weight getting lighter on your shoulders.  This is also the hardest step. But I know that once you start, you will feel so much better about your debt situation.

If you have several credit cards that you need to pay off, pay off the card that charges the highest interest rate first.  Consolidating all your credit card debt is another way of punching your debt in the face.  Accredited Debt Relief or Guardian Debt Relief offers debt consolidation that can be beneficial to you.

If you have student loan debt, call up the institution that issued you the loan and work out a reasonable payment plan.  Most will be willing to work with you.  There is also the option of consolidating all your federal student loans.

Once you start getting into the rhythm and structure of taking action with paying down your debt, you will be on the road to being debt free and you will learn to never be in debt again.


Learn from your mistakes

A wise person said, “Make as many mistakes as you want, but never make the same mistake twice.”  After you set forth an action plan to start paying down your debts, you will learn (the hard way) to never be in debt again.  Who would want to be? It’s an awful feeling to be in debt. You feel like a prisoner and it’s difficult to breathe because of it.  Your freedom is hampered by your debt.  I can promise you that when you are debt free, you will feel like a brand new person. As if you have a new lease on life.  You will make better financial decisions that will lead you to live your best financial self.


You’re finally out of debt…Now what? 

Once you have your debt under control, you may be wondering what you should do next? One thing for sure is to not go back into debt.  So I recommend starting developing good money saving habits and having at least an 8-month emergency fund.  You should also try building up your credit score. You can also look into investing your money so that your money can work harder for you.  Once you get into the rhythm of doing these things, you will be better prepared to face any financial curve ball life decides to throw at you. These are some of the tools you will need to really start building wealth for yourself.


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