Getting out of debt can be a very daunting task, especially when you’re drowning and aren’t quite sure where to begin. How do you make sense of the various outstanding payments? Which account should you prioritise? What would happen if you simply fell off the face of the earth?
When I first started paying off my debt, I took quite a few Ls. It wasn’t until I found resources online that I was able to put together a plan, and make the necessary changes to start paying off my debt. Once I paid off my debt, I decided to share my lessons in the form of this blog.
I also wrote a book a while back for 1Life called A Step-by-step Guide to Paying Off Debt. This a short, 7 part guide on paying off debt.
Here’s a synopsis of the chapters in the book:
- What method will you use to pay off your debt
- Contacting your credit provider and making repayment plans
- Debt consolidation
- Debt review
- Differentiating between good and bad debt
- How saving and investing can help you stay out of debt
You can download the book here: A Step-by-step Guide to Paying Off Debt.
Those who’ve followed my journey will know I managed to pay off a large chunk of debt by using some of the methods in this book. Apart from focusing on debt, the book will help guide you beyond obliterating debt to help you stay out of debt.
Trying to claw your way out of the black hole of indebtedness is difficult. It’s an exercise that requires a lot of time, effort and discipline. It means changing your lifestyle, getting real about where you are financially and being determined to get out – even if you stumble along the way.
I hope the lessons in this book help you as much as they helped me.