If you’ve been reviewing your finances and don’t like what you see, then at least you’re not alone. A quite staggering 80% of the US population are in debt. While some of these people see debt as a necessary evil and have it under control, for others it’s a burden that can be difficult to carry. For those people, debt isn’t just something that they’ll use to further their dreams - it’s an obstacle that stops them from living their life to their fullest. But it doesn’t have to be this way. Take control of your finances today and you’ll be on the march to the financial freedom.    

Source: Pexels.com

What’s Done is Done

It’s all too easy to wake up in the morning, think of your debt, and then promptly put it to the back of your mind, a concern for another day. Sometimes we might even make deals with ourselves and get into even more debt with the vague understanding that we’ll one day take care of it. In reality, the only sensible course of action is to confront the debt head on. Look at your balances and see just how much debt you’re really in. It’s the only way to take control and begin the journey forward.

Being Proactive

Having accepted how much debt you’re in, it’s now up to you to be proactive and actively work

towards eliminating it altogether. Depending on how much debt you have, this might be a lengthy process and require some intense scrimping and saving. How you get out of debt will come later, the first thing is to make a statement and say: ‘I will get out of date by [date]’. If you share your finances with your partner, have them make the same commitment.

Looking at your Options

You might think that the world is against you when you’re in debt, but you probably have more options than you realize. Because so many of us struggle with it, there are a bunch of organisations and options out there to help us come through the other side. It’s not just about declaring bankruptcy and moving on; there are debt relief programs that are better than filing bankruptcy, and which won’t affect your credit score as negatively, either. Of course, this all depends how much debt you’re actually in - if you have a sizeable but manageable level of debt, it might be better to commit to living a frugal life for a while and paying the debt down.

Debt relief programs like the IRS Fresh Start Program launched by the IRS in 2011 was created to give taxpayers a clean slate with their debts by paying back their taxes while avoiding tax liens. Individuals and small business owners are eligible for this program. However, there are a few limitations; they would have to owe a minimum of $50,000 and can pay back within 60 days for individuals. Your tax files must also be updated. On the other hand, business owners must owe less than $25,000 and must be able to pay back within 34 months.

Sticking to your new Life

Once you have a plan in place, it’s absolutely imperative that you abandon the lifestyle choices that got you into so much financial trouble in the first place. You won’t be able to change the past, but can you change how you’ll act now and as you move forward. Instilling strong financial values into your life will be just as important as eliminating your debt, so make sure you write yourself a set of rules that’ll serve as a financial guide to living from now on!

Source: Pexels.com

What’s Done is Done

It’s all too easy to wake up in the morning, think of your debt, and then promptly put it to the back of your mind, a concern for another day. Sometimes we might even make deals with ourselves and get into even more debt with the vague understanding that we’ll one day take care of it. In reality, the only sensible course of action is to confront the debt head on. Look at your balances and see just how much debt you’re really in. It’s the only way to take control and begin the journey forward.

Being Proactive

Having accepted how much debt you’re in, it’s now up to you to be proactive and actively work

towards eliminating it altogether. Depending on how much debt you have, this might be a lengthy process and require some intense scrimping and saving. How you get out of debt will come later, the first thing is to make a statement and say: ‘I will get out of date by [date]’. If you share your finances with your partner, have them make the same commitment.

Looking at your Options

You might think that the world is against you when you’re in debt, but you probably have more options than you realize. Because so many of us struggle with it, there are a bunch of organisations and options out there to help us come through the other side. It’s not just about declaring bankruptcy and moving on; there are debt relief programs that are better than filing bankruptcy, and which won’t affect your credit score as negatively, either. Of course, this all depends how much debt you’re actually in - if you have a sizeable but manageable level of debt, it might be better to commit to living a frugal life for a while and paying the debt down.

Sticking to your new Life

Once you have a plan in place, it’s absolutely imperative that you abandon the lifestyle choices that got you into so much financial trouble in the first place. You won’t be able to change the past, but can you change how you’ll act now and as you move forward. Instilling strong financial values into your life will be just as important as eliminating your debt, so make sure you write yourself a set of rules that’ll serve as a financial guide to living from now on!