Get Me Out of Debt?
3 Tips to get out of debt
By Brian Hill
"Get me out of debt" is a cry for help we've all made. Let's face it: We've all been hurt by this financial crisis. But all crises eventually pass, and we will, whether it takes a few months or a few years, be on the road to recovery. We can hasten this recovery for ourselves and our families if we work on improving our mental outlook. Here are several ways to do this:
Remember you are not the only one who has been a victim of this crisis.
Many times we isolate ourselves in a prison cell whose walls are made up of our own worries, problems and negative emotions. It is good to remember that this crisis is unprecedented in terms of how many people it has affected. There's no reason to feel that you have been singled out for financial suffering. Your friends, neighbors and co-workers have all been hurt to some degree. It might even help to join Internet support groups where you can post or chat about what you have experienced and how much it has hurt you. Hearing about others' experiences may help you feel less isolated.
Remember the role optimism plays.
There really is a power in positive thinking. You obviously can't dream, wish or imagine your way out of serious financial problems. But we all have a core of optimism deep down inside, even if it sometimes gets buried under the debris of the financial disasters we have suffered. Try to recall better times, when you felt hopeful and optimistic. Remember when something unexpectedly good happened to your finances—and remind yourself that good things can happen again. Encourage those feelings to take root and grow. Renewed optimism will give you a boost of mental and perhaps even physical energy. If you feel stronger, and think more clearly, with a mind no longer clouded by fear and negativity, you may think of new and innovative ways to rebuild your financial position.
Take small steps toward recovery that can lead to bigger ones later on.
The finance gurus you see on TV or in magazines claim to have all the answers, but often their advice is simplistic and even condescending. There's one who harps on "pay off all your credit cards" as they key to financial health. Obviously, most people, if they could, would pay off their credit cards. But they can't, so that advice is pretty much worthless. Many people can, however, work toward reducing their credit balances over a 2-3 year time horizon. The key is to not lapse back into old habits of impulse shopping with credit cards. Keep the credit available for emergencies or unforeseen expenses. You might even keep track of your month by month progress in reducing debt as a way to keep motivated, sort of like people who want to lose weight keep track of the number of pounds they have lost each week.
Each small step in the right direction will encourage you to strive even harder. You won't have to ask anyone else to "get me out of debt," you can do it yourself.
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