Perhaps you have noticed that debt is nasty and importunate. Debt has a sticky feature, like chewing gum that gets in your hair and wedged into the tread of your sneakers. It's like a splinter you can't get out . The harder you try to get rid of it, the more of it there seems to be. When you dislodge a chunk, you can't believe how much is still left and how hard it is to clean out. It's not an illusion -- or a sign of your own personal failure -- that debt is so sticky. Once you're in debt, researchers have established, you're much more likely to stay in debt for a extended period.
Resolving to get out of debt is easy; actually getting started is a bit harder. But the real ordeal is sticking with your plan. Here's what makes an effort succeed.
Persistence
It's the secret element that is as imperative as, possibly even more important than, finding the funds: persistence. The idea was that each person would race against herself to pay back her debt -- not against each other. You work at your own pace, and everyone's pace is different. It doesn't sound much different than making those monthly payments on your own. In other words, there's no question that debt tends to persist, and you have to cultivate an extraordinary persistence of your own to deal with it.
Accountability
Determine and recognize exactly how much you owed and how much you were paying, and regularly update your progress (or stumbles). If you don’t update your records, you fail. You tell yourself that this is your pursuit and no one’s gonna think and work as determined as you will and can do. We all know that feeling, whether from being on a diet or a too-strict budget. You've tightened your belt to the point that you're afraid to loosen it, lest you go hog-wild crazy. It's a valid fear, and being aware of it is your best defense.
Because most people make a simple but drastic mistake when they borrow from their cards or homes: They don't think about having to repay the money with after-tax dollars. If you feel like your debt is dragging you down and you don't know how you'll get out from under, maybe it's time to put on your running shoes. Ready, set . . .
Reinforcement
In a world where senseless shopping and fashion pursuit always get a gold star, it's hard to find any support for putting money toward financial freedom instead of feeding that plastic monster. To that end, reward yourself (not monetarily) whenever you overcome the temptation. How? That’s easier than looking for the money. You just got to be sensible and resourceful because there is more to life than buying the items or services that you thought are important.
It's not necessarily the big-ticket items that sink your budget. It's the steady onslaught of little ones. Sometimes you need to take drastic steps if you want a dramatic improvement in your financial life.
Camaraderie
Community spirit -- call it what you will. I think of it as the buddy effect. It’s not like you can talk to your best friend about your financial problems -- or your mom or your sister. So having a forum where you can say, 'I just got a $100 birthday check, and I'm putting it toward my credit card balance” -- and then getting a round of cheers from other people -- it's incredible. You don’t simply struggle on your own, others too are struggling like you do and others have already succeeded. Why don’t you find a common ground to share your experiences and get their push. That's because what getting out of debt requires, more than anything, more than money itself -- is stamina. Not only men, but women should build their stamina around supportive peers.
Resolving to get out of debt is easy; actually getting started is a bit harder. But the real ordeal is sticking with your plan. Here's what makes an effort succeed.
Persistence
It's the secret element that is as imperative as, possibly even more important than, finding the funds: persistence. The idea was that each person would race against herself to pay back her debt -- not against each other. You work at your own pace, and everyone's pace is different. It doesn't sound much different than making those monthly payments on your own. In other words, there's no question that debt tends to persist, and you have to cultivate an extraordinary persistence of your own to deal with it.
Accountability
Determine and recognize exactly how much you owed and how much you were paying, and regularly update your progress (or stumbles). If you don’t update your records, you fail. You tell yourself that this is your pursuit and no one’s gonna think and work as determined as you will and can do. We all know that feeling, whether from being on a diet or a too-strict budget. You've tightened your belt to the point that you're afraid to loosen it, lest you go hog-wild crazy. It's a valid fear, and being aware of it is your best defense.
Because most people make a simple but drastic mistake when they borrow from their cards or homes: They don't think about having to repay the money with after-tax dollars. If you feel like your debt is dragging you down and you don't know how you'll get out from under, maybe it's time to put on your running shoes. Ready, set . . .
Reinforcement
In a world where senseless shopping and fashion pursuit always get a gold star, it's hard to find any support for putting money toward financial freedom instead of feeding that plastic monster. To that end, reward yourself (not monetarily) whenever you overcome the temptation. How? That’s easier than looking for the money. You just got to be sensible and resourceful because there is more to life than buying the items or services that you thought are important.
It's not necessarily the big-ticket items that sink your budget. It's the steady onslaught of little ones. Sometimes you need to take drastic steps if you want a dramatic improvement in your financial life.
Camaraderie
Community spirit -- call it what you will. I think of it as the buddy effect. It’s not like you can talk to your best friend about your financial problems -- or your mom or your sister. So having a forum where you can say, 'I just got a $100 birthday check, and I'm putting it toward my credit card balance” -- and then getting a round of cheers from other people -- it's incredible. You don’t simply struggle on your own, others too are struggling like you do and others have already succeeded. Why don’t you find a common ground to share your experiences and get their push. That's because what getting out of debt requires, more than anything, more than money itself -- is stamina. Not only men, but women should build their stamina around supportive peers.
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