There are a number of things that can get us into debt, and there are a number of factors that can get us stuck there.
Carrying the burden of debt is hard. Getting out of debt may also prove difficult, but getting out of debt is possible. While there is no one road to becoming debt-free, there is a path for you.
Explore these 3 common things that prevent people from getting out of debt. Are any of these preventing you from getting out of debt?
- Making only minimum monthly payments.
If you are making only the minimum monthly payment on your credit card then paying down your debt will take much longer, you will pay significantly more in interest, and your credit score may be affected.
Take a look at the “Minimum Payment Warning” on your credit card statement. This will tell you how many years it will take you to pay off the balance if you make only the minimum monthly payment. That is of course if you do not make new charges.
Stop making new charges and doubling your minimum payment to slash that repayment time in half. If you are continually adding to your debt, and you cannot make more than your minimum monthly payment, it is time to consider filing for bankruptcy.
- You are not prioritizing getting out of debt.
When you make getting out of debt a priority, you can pursue that goal with fervor. Ignoring your debt problem and going out to pizza with your friends may feel easier at the moment, but long-term refusal to handle your debt problem will result in a bigger debt load, more stress, and it will weigh on your ability to enjoy your life.
Fear, stubbornness, pride. These are emotions that can prevent you from getting out of debt. Fear may be holding you back from facing your debt problems head-on. You have to face the problem before you can find a solution. Stubbornness may be preventing you from exploring your options on how to deal with debt. Pride may be holding you back from filing for bankruptcy relief. But filing for bankruptcy is not shameful, it is a financial remedy and it is your legal right.
Are you guilty of making only minimum monthly payments? Are you in debt-denial and unwilling to prioritize getting out of debt? Are your emotions serving you, or are they preventing you from getting out of debt?
These are tough questions to ask yourself. Getting honest with yourself and being willing to take a hard look at your debt is the first step on the road to living debt-free.
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All of us here at the Law Office of Barbara B. Braziel are here to help you get out of debt and gain financial freedom. For over 35-years we have proudly served the people in Savannah, GA and surrounding areas. Contact us at (912) 351-9000 today to schedule a free consultation.
Find out more about being debt free in our guide: All About Debt Relief
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.