Getting Out Of Debt

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Getting out of a bad financial situation

So you’re in debt. The bill collectors are calling, and you don’t know how you ever got here – let alone how you’re going to get out. That feeling of panic in the pit of your stomach has become a semi-permanent reality when looking at the incoming bills.

Relax. Take a minute and breathe. Know that lots of people find themselves in these situations, and that you can make it out. This article is going to overview some of the best tips for getting out of these types of financial situations.

Forgive yourself

I know that you feel responsible for this, and I’m not going to argue. But the truth is that you’re not helping yourself out of the situation by shaming yourself. Making yourself feel guilty accomplishes nothing, you need to forgive yourself.

People who don’t forgive themselves often guilt themselves right back into the types of unhealthy spending binges that got them into this situation in the first place. So do yourself a favor and agree to let it go.

Forgiving yourself also enables you to move on. To make a plan to actually end this. Confidence that comes from a fresh start and moving on empowers you in a way you may never have dreamed of yet.

Evaluate your current position and the way that you got there

Now that you’re in a healthy place, take a deep breath and go into looking at the situation you’re in. What exactly is wrong, how much debt is there, how many cards are owed on, and what bills are coming up? How did you wind up here, were you too strict or too lax with your budget?

This hurts, but it also helps you to learn. Learning is a key component of not winding up in the same place over again.

Ditch the debt

Now that you can tell how much debt you have, make a plan to pay it off – and stick to it. Use everything that you have (except your emergency fund that you need to keep) to pay off the debt, and keep doing so until it is gone.


Now that you’re working to get the debt removed, it’s time to start thinking about savings. People try to trick themselves when paying off debt into thinking that they “have nothing to give”, while still buying coffee, dinner, and even leisure reading material. Make a plan to save at least some of that money, this will prevent you from getting back into this situation – and it’s the only thing that can.


Once these steps are completed, re-evaluate your position. Are you out of the situation? How much longer will it take? And what’s your plan to prevent this from happening again? How are you saving? Make sure you’re setting yourself up not just to get out of this, but also to succeed in the future.

Remember, every one gets into these situations from time to time. The key is to keep your wits about you, get out of the situation, and protect yourself from getting back into it ever again.

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