Having access to large lines of credit is like a drug to a lot of folks. They get that credit card in the mail with its $10,000 line of credit and they suddenly have an air of affluence around them. But that line of credit is quickly depleted but no problem, some credit card companies will throw on a $5,000 credit line increase with no questions asked. When these same folks see it, they are elated and really think that the credit card companies think something of them. Oh, they think something alright. They think they have you just where they want you: trapped forever. It takes a person who can be very honest inwardly to recognize that they have a problem and it is time to do something about it. Usually by this point the person with the debt problem is in so deep that depression complicates the quest for any good solutions. But this is when the debt-ridden person must carefully weigh all the options to getting freed from debt.
In the American military, soldiers are trained that if caught in time of war and imprisoned that they should do everything they can to escape. Escaping along with personal survival goes hand in hand as the number one priority for the imprisoned soldier. And so it should be with our overwhelming debt. We need to resolve to escape from it and relentlessly pursue that goal until it is reached.
The first step in freeing yourself from debt is to stop the cycle of charging and taking on more debt. Part of this is stopping wasteful habits and overspending. Overspending or careless spending is much like any other vice in that it can become an addictive habit. For some, the personality type of the over spender is one that is concerned that they give everyone around them the impression that they have endless financial resources.
These are the same people who must buy just the right gift for each family member and friend they know even if they cannot afford it for fear of being seen as something less because they cannot keep up with the lavish spending styles of others. But if you have a debt problem and you want to free yourself then you must drop this characteristic in your personality or you will be haunted by debt forever.
The biggest key to freeing yourself from debt is to live within your means. For some of us it takes a terrible financial setback to get us to realize this. Some of us won’t stop overspending until we are placed in a corner of having to choose to eat and take care of our families or buy a useless gift for someone else. If you lose face with your family and friends because you can’t spend what you used to spend then you are probably better off without them anyways. If you worry about your image in the manner of spending habits then you are doomed to your debt forever. You must cut your spending in order to start the process of achieving freedom from debt.
So start today and begin planning a strategy to free yourself from the debt prison. If you have to speak with a consumer counselor then do so but the determination must come from you.