What is the first step you need to take to get out of debt?
Hello! This is the blog for my GetOutOfDebt101.com website. This post will be short, but it’s the beginning of a journey. It is my intention to help you organize your finances and get up on your feet again.
If you are in debt, I want you to konw that you can fight back and win if you set your mind to it. You can overcome debt and live a debt-free life with some persistance and dedication.
What would be the very first thing you need to do to get out of debt?
Assuming you already made the decision to get out of debt, what you need to do is to stop charging your credit cards, ASAP. You need to stop borrowing money no matter what. This may sound obvious, but it amazes me how many people want to get out of debt but refuse to stop using their credit cards. They are like a “mental safety net”, they probably won’t feel secure without them. The fact of the matter is, they only put you deeper in debt.
When you find yourself in a hole, the first thing you need to do is STOP DIGGING!
I talk a lot about the mental aspect of getting out of debt in my eBook, Get Out of Debt 101 (www.GetOutofDebt101.com) since it’s an integral part of getting out of debt but more importantly, STAYING out of debt FOREVER. You need to change your mindset about what money means to you if you want to become debt-free.
I know it is not easy, but you have to commit yourself to stop charging your cards. Cut them up, (keep one in case you need to rent a car, etc) and start operating 100% in cash.
Check back often for ideas, tips and resources. I can guarantee you, you CAN get out of debt with the right strategy and dedication.