Lets face facts, it's a lot easier to ignore a problem than to tackle it and it's this hurdle that must be first overcome.
I had allowed my own personal debt to grow, probably in the hope that the next round of borrowing would allow me to find a route out of the mess and partly because it would mask the problem for a short period of time. The irony, of course, is that it just compounded the problem.
My own situation continued for around 4 years until a number of issues compounded to force me into tacking action:
- Although I was keeping up with payments, I was starting to get later and later in making them.
- For the first time in my working life of over 30 years, I was unable to withdraw cash from my account on regular occasions.
- I struggled to find a credit card that I didn't already have.
- I was getting rejected for credit.
The First Steps
I'd often lectured my kids on the importance of taking responsibility for your own actions, yet when it came to my own debt, I was avoiding this. Taking myself for a long walk, I forced myself to think about the level of debt I was in. I roughed up the total cost in my head, repeating this process a number times in order to let the scale of the problem sink in, and also to take the edge off the shock. This allowed me to think clearly, acknowledge that I did indeed have a problem and that now was the time to tackle it.
For the first time in several years I felt that a little weight had been lifted from my shoulders, I hadn't taken any action other than to recognise the size of the task ahead and accept that there would be no quick fix. However I allowed myself to believe that by acknowledging my debt problem, I was on route to recovery.
The underlying rational to my change of mindset was that things would now only get better and the level of my debt would start to decrease. Thinking clearly, I was now in a position to start to workout my route to be coming debt free.
Written by Money Saving Tips
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