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Will you be in debt forever?

August 27, 2008

“Why you may be stuck in debt forever.”

This was a link that greeted me this morning on MSN.com. What a depressing thought. Could it really be true? Of course, I had to click on the link and see what this was all about.

The actual headline of a column written by M.P. Dunleavy was, “Is debt your destiny?”

Okay, that didn’t make me feel too much better. I started reading. I would recommend that you give the article a read, too.

Basically the gist of it is that it is too easy to get credit, and all of the easy access to credit has changed the way we think of money and spending.

I think most people would agree with that.

Then, M.P. goes on to cite a study that shows that many people who are in poor financial shape and carrying debt continue to stay that way for many years to come.

I’m not doubting or disagreeing with the outcome of the study. However, I am saying that we are not “destined” to be in debt.

It’s not easy to get out of debt. It takes dedication and determination to change your spending and saving habits. It takes mental fortitude to learn to live a different lifestyle. But, it can be done. You don’t have to give in to the idea that if you’re in debt today, you’ll still be in debt 10 years from now.

Of course, many of us have car loans or mortgages that leave us with some sort of debt through a big portion of our lives. As long as your car and mortgage payments are manageable and within your budget, that’s not really the debt I’m talking about.

I’m talking about getting yourself out of unsecured debt from credit cards, personal loans, school loans and things that are more short-term if handled properly.

I think the first step is to decide that you really want to pay off your debt. Set a goal and make up your mind that you will reach that goal. Make a promise to yourself that you won’t be another statistic, that you won’t be a slave to debt forever.

Check back Friday for more tips about how to get yourself out of the debt cycle.

Also, take a moment to share your thoughts on debt being a person’s destiny. Do you think it’s true? Do you feel like you’re destined to be debt ridden? Why or why not?

Written by admin · Filed Under Debt 

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