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Debt Reduction
 

You are not alone if you are confronted with excessive debt, have had very little personal financial training, are unsure of the financial path ahead, or lack structure in your long-term planning and goal setting--both for your finances and your life in general.   Maybe today will be the first step in SOLUTIONS that will lead you and your family to a financially free life and purposeful plans to get out of debt, save, set up a budget, give, and MORE!

    While prosperity and blessing abound in our land, personal debt has risen 77% since the '90's, bankruptcies have skyrocketed (1.4 million annually), and the personal savings rate this decade is below 1% for the first time ever, in fact it was negative in 2005. 

Yet, we are more prosperous as a nation than ever:

Yet, the personal financial trends that are sweeping our country and generation are sobering, as the following statistics  reveal:

 We are more stressed, more counseled, more divorced, and more in debt than ever before.  Surveys show that for many people this is the result of their financial situation.  For others, it might be a result of a lack of proper planning.  In our high-tech, fast-paced society, we must seize control of our time, our relationships, AND our finances.¹

There are many people out there today who have accumulated excess debt because of lost jobs or added expenses.  This is of particular concern for me as I have been one of those people.  Two marriages that ended in divorce and losses in the stock market have had me look at what I can do in the area of debt reduction for myself.  For most of us getting into debt has been a gradual affair and there is no easy way to just have it disappear short of winning the lottery or getting an inheritance, so I want to give you some basic ideas you can use to conquer this problem.

Here are some general tips you can use to get started. If you want more tips you can download my e-book "25 Tips for Debt Reduction"

Recognize that there is a problem

The first thing you must do is to admit that a problem exists.  Get the bills out and look at them, add up the debt and see just how bad or good your situation is.

Plug the holes

After you know what is real and what is not, you need to plug the holes. Stop going further into debt. Go to a cash only lifestyle and start a program of managing your income and expenses.

Get help

Help can come in many forms. It could be a spouse, a friend or someone you hire to help you get organized, set up a payoff schedule, consolidate your debt or find a new or second job.

Set up a plan

No matter how you got into debt, you will need a plan to get out of it.  Your plan might include getting rid of all the credit cards, setting up a budget, getting a better job, negotiating with your creditors or developing a payoff plan.

Take action

The most important thing you can do is take action.  Make lists of things you can do, keep a spending record, look at the want ads, get up earlier, make more calls, exercise, meditate or hire a coach.  By stating in action you will assure yourself of success.

For a funny but true look at what you can do to stay out of debt watch this video: http://snipurl.com/1qmdc

¹ Material and statistics are used with permission of Financial Foundation Builders http://www.financialfoundationbuilders.com/  © Financial Foundation Builders, Doug Hagedorn

Do you want to be truly debt free?

Learn how you can pay your home mortgage off

in 8 to 11 years without altering your current cash flow.

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What if you could build wealth without changing your current income?

Most of us are transferring dollars unnecessarily and often unknowingly

that could be used to create wealth. The concepts in the book

"Missed Fortune 101" and in my seminars can teach you how to stop

transferring those dollars and how to put the idle dollars in your assets

to work to build true wealth. Take the time to explore these ideas for

yourself and learn what you can do with what you already have.