Bad Debt Advice
The phrase "bad debt advice" probably conjures up two ideas: 1) advice for getting out of bad debt and 2) bad advice for getting out of bad debt.
Whichever thought first occurred to you, if you came to this page, you probably need some good advice on getting out of bad debt.
How Did You Get Into Debt?
One of the most important things to consider is what got you to this point in the first place. How did you get into debt?
Do you spent too much money on unnecessary conveniences? Where can you cut back? Don't be afraid to let go of supposed necessities. You might be surprised at what you can do without.
Personalize Your Plan to Get Out of Debt
Once you've figured out your necessary and unnecessary expenditures, use that money to make a detailed plan for getting out of debt. As you make this plan you should get a second, even third, opinion.
When looking for this opinion, choose your counselors wisely. Granted, those people who have gone before, suffered the same problems, and come out the other end in one piece can often offer firsthand, experiential advice.
However, nothing replaces professional help. Even those who have been there already can offer bad debt advice. In fact, most of their good advice probably came from a professional.
Look to the numerous free debt assistance companies for your good bad debt advice. These companies will, among other things, help you draft your plan for becoming debt free.
Your "get-out-of-debt plan" should include cutting those expenditures you previously pinpointed as well as tallying up your total debt, figuring out which creditors need to be paid off first (either your smallest debt or your debt with the highest interest rate), deciding how much you can and need to pay and when you can pay it, and, finally, determining how you will actually stick to and follow through with this plan.
Determining how you will stick to your plan may be the hardest part.
Good intentions mean nothing if you find yourself too tired, hopeless, or frustrated to keep true to those intentions.
Set up some accountability friends who can regularly check your progress. Make a deadline. Determine rewards for your successes - just make sure those rewards don't require spending too much money!
Don't Give Up
When you're the midst of mountains of debt, debt freedom may seem impossible. However, don't give up hope. Many a good debt plan has failed due to disbelieving that success is possible.
Believe in freedom. Follow the good bad debt advice you get. Ignore all other advice. Work hard. Finding debt freedom is never easy, however if you keep working, you may. It's not as elusive as you thought.
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