Debt is a monster that if given a foothold will become a stronghold. This makes it very imperative to take action against it and the time is now! I will be sharing from my original work, my book titles " How t get out of debt and stay out of debt: An 8 Step D.I.Y. Approach." I hope it helps someone.

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‘A rich person rules poor people, and a borrower is a slave to a lender.’ This quote was taken out of an ancient book called ‘The Holy Bible’. Proverbs 22 verse 7 makes it very clear, among other references and passages in the book that debt will make you slavish and subservient to the person to whom you are indebted. In modern times, this may be equivalent to your mortgage lender, your bank (loans and overdrafts), your credit card provider, your store card provider, your utility service providers and so on. It is not a crime to want the good things of life but most people would rather give away their freedom in order to enjoy these pleasures. We are becoming increasingly very comfortable with spending the money we don’t have. The developed world has evolved a credit-based system that encourages a ‘buy now, pay later’ way of life. This trap is carefully crafted to put unsuspecting people in a constant cycle of debts, particularly those who do not have good fiscal discipline and absolute control over money. Although it sounds like common sense but not everybody would really pay attention to the phrase don’t spend what you don’t have. When you spend what you don’t have, you are invariably digging yourself into a debt hole that sooner or later, will be big enough to bury you alive! Yes, buried, trapped and enslaved! Truly, you become a slave to whatever you allow to master you. If you can master the art of managing money, then your financial freedom is certainly guaranteed. So the earlier you take action, the better.

          Wisdom nugget: Don’t spend what you don’t have

You probably want to ask what makes me an authority in trying to give you advice about how to get out of debt. Well, I am not an expert, neither am I a guru, but the bit of wisdom I have acquired in this area is what I want to share with you and I believe it is tangible enough to make a difference. When you learn from other people’s experiences, then you get wiser. If you make your own mistakes thereafter, simply because you refused to learn from others, then there isn’t much wisdom there.

The 8 Fundamental Steps to Dealing with Debts

Now, let’s hit the ground running. Following the steps below I believe is a guide that can make a difference between being in financial bondage and being debt-free.

Step 1: Stop the act of denial.

Burying your head in the sand will not make the monster after you disappear! To begin to deal with debt, it is absolutely important for the penny to drop! You need to wake up and smell the coffee! Most times, denial and turning a blind eye to the debt situation is quite prevalent in issues like this. It is very important to understand the gravity and enormity of what is truly happening. It is also very important to come to a realisation that the status quo cannot remain and should not be allowed to continue. This renewed mindset is actually the beginning of that freedom from debt. It is then very imperative to begin to seek understanding in debt management and counselling. This is where reading and coming in contact with good books and other relevant helpful resources that can aid the freedom is quite important. Like the saying goes, you truly become what you read. If you seek wisdom in areas of being free of debts, you will become free from debts in no time.

Wisdom nugget: Debt is an enemy that must be fought with all tenacity in order to be free.

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Step 2: Be determined to be debt-free.

Being in financial debt is one of the most emotionally crippling and psychologically torturing experiences anyone can ever go through. No matter how much you owe, whether on your mortgage, your rent, your credit card, your bank loan, overdrafts or even to a friend, it affects your self-esteem as well as confidence. It creates a slavery mindset, which can be hard to cope with. There are days that you are sacred to pick your calls or go to the mail box to check for letters simply because it could be the debt collector or a debt reminder. Every time you see the people you are indebted to, there is a constant reminder of how you feel and how helpless you are. But you must be determined to deal with it. Fight off the emotions and face up to the challenges of getting off the debt hook. To begin to make a difference, the major responsibility of being and staying motivated and encouraged lies with you. So stop the pity party, get up and start right away!

     Wisdom nugget: When you take care of your silent partner, He will take care of you

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...To be continued

I will continue with the other steps in my next post

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Happy Steeming