Getting Out of Debt
Ignore the Numbers
We won’t bore you with the statistics that detail the extent of installment debt, e.g., the credit card debt that Americans hold. The numbers themselves speak volumes of the unhealthy and precarious financial situation of many Americans, but the one fact that should give you concern if you are burdened by debt (or should keep you from going further into debt) is this: Debt limits your ability to make the financial decisions that would positively impact your quality of life. [Show more]
[Show more]Too many Americans today live paycheck-to-paycheck, mired in debt. They are challenged to pay for basic necessities. There’s no “emergency fund”: a car repair or a medical expense becomes a financial crisis. Debt is too easy to acquire and way too difficult to shed. Debt leaves no ability to save for retirement. Too many of us run the risk we will become one of the tens of millions of Americans during retirement who depend solely on Social Security payments and the charity of others—a standard of living that is considered poverty.
How great would it be to be financially healthy? You can pay your bills. You have savings that pay for emergencies and other major purchases. You have disposable income to treat yourself and family to positive experiences. You can build up savings for retirement. The lifestyle benefits of being financially fit should be as obvious as are the health benefits of being physically fit.
Sometimes unavoidable circumstances “can create” a financial crisis for you. In most instances, however, our behavior when spending money is the primary culprit for our poor financial health. Poor choices are made when assigning priorities for spending the money we do have.
Just like weight loss, there is no “miracle pill” for getting financially fit. Portion control and regular exercise are what it takes to lose weight. Becoming financially fit requires much the same regimen: self-control and daily discipline. For some people, that’s a bitter pill to swallow.
Perhaps you are already in reasonably good financial shape, but you know that you could improve your financial management skills. No matter your circumstances, we have a strategy and some online resources (we call CapitalYOU™) that are designed to get you out of debt and on a path to financial fitness.