Personal debt reduction is a goal worth your personal sacrifice.
Personal debt reduction isnt always easy, but it is always worth it.
Living debt free is an important goal, noble even. By reducing your debt, you increase your financial power; you eliminate a lot of money-related stress, and you set an outstanding example for your children.
Best of all, you have the peace of mind in knowing you dont owe anyone anything.
Credit card companies make billions of dollars a year based on the lie they sell: that having a credit card brings you personal freedom. The TV commercials show people doing all sorts of wonderful things, all because they have a credit card.
What the commercials dont show are the bills that come the next month. They dont show the thousands of people who have lost their possessions because they couldnt repay their credit card balances.
The snappy TV commercials dont show the damaged marriages and ruined businesses that are strewn in the wake of their increased quarterly profits.
Yet, we cant blame the credit card companies for the mess that weve allowed ourselves to get pulled into. We signed their agreement and so we must take full ownership of what weve created for ourselves.
In short, placing blame anywhere other than at our own doorstep wont help us solve our current financial problem.
So now we know, debt doesnt bring you freedom; it brings you less freedom because now you are beholden to the credit masters. The debtor truly is slave to the lender.
No matter what happens, you ALWAYS have to pay those credit card bills every month, and youll have to keep paying them until theyre paid off. This typically never happens because people continue to pay only the minimum payment required.
Until the debt is paid off entirely, the credit card companies OWN a piece of you. However, the good news is that by committing to personal debt reduction, you commit to breaking those chains and gaining TRUE financial freedom.
A personal debt reduction plan also increases the chances that your children will refrain from enslaving themselves to debt.
Children learn most of their attitudes and philosophies from their parents. By showing your kids how bad debt is, and how much better it is to be debt-free, you set them on a path of financial wisdom that they will hopefully follow for the rest of their lives.
Of course, personal debt reduction takes effort. Paying off the credit cards can be difficult. During the process you must ensure that you change your spending habits so that you dont start racking up new bills again after the fact.
You have to change your overall mindset from gotta have it now to Ill save up until I can afford it. This goes against what all those countless TV commercials suggest, and its contrary to the way most middle-class Americans live.
But honestly, when you really think it through, isnt this the only sensible lifestyle to strive for? Why would anyone knowingly live in a way thats going to make them a virtual slave to a creditor?
Learn to live wisely and frugally and youll see a tremendous increase in the level of happiness in your daily life.
Learn to become the master of your own financial destiny, rather than putting it in the hands of the credit card companies. Put yourself in the drivers seat. Youll be glad you did!
These debt reduction tips, and many others, can be found at www.Debt-to-Income.com, which is a new website that was created by money savings expert, Richard Gorham. Gorham is also the founder and President of www.Leadership-Tools.com and www.LeadershipAudio.com His websites are devoted to providing free and low-cost quality tools and resources for successful living.
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