Do you have what it takes to get out of debt? The answer is probably yes, even if you don’t know how to go about it – yet. I have been there: student loans, credit cards, youthful “living it up.” And then the bill comes due.
So, there are plenty of people who were in the same boat, and taking on water. They were able to turn it around, but how? How did they change their behavior? We turn to money dude Dave Ramsey for hints about the characteristics of debt-free people, in an article conveniently titled “7 Characteristics of Debt-Free People.” Here are the bullets:
- Wisdom: Acknowledging the problem, as they say, is the first step.
- Patience: Learning that there are very few things we actually have to have NOW!
- Confidence: Having faith that we’re doing the right thing, even if our friends ride us for being a cheapskate!
- Goal-driven: And, equally important, having a plan to get there.
- Responsibility: Seeing that shedding debt is a necessary step to getting our lives together.
- Non-materialistic: Giving up our addiction to stuff.
- Sacrifice: Dining out constantly, the top-shelf cable package, etc. These aren’t bad things, but they are if we can’t afford them and we don’t stop indulging.
Those are the highlights. Be sure to check out the whole piece. I think one thing to remember is that you didn’t get up in debt overnight, and you won’t get out quickly either. It takes time and patience. The most important thing is to STOP DIGGING! The second is get that debt going in the right direction, which is DOWN. How about you? Have you been there too? Did you get past it? How? Let us know over at the MindField Online Facebook page!