Debt : A Dark Cloud Of Debt Essay

1308 Words Apr 21st, 2016 null Page
I know what it feels like to have a dark cloud of debt hanging over your head. You may feel stressed, anxious, overwhelmed, or even depressed. You may feel angry and disappointed with yourself because you let things spiral out of control. You may feel that your life is on hold because of your debt.

I get it. It’s tough. I spent years pretending my financial problems didn’t exist. I know it can take years to build up the courage to face your fears and start working your way out of debt. If you are in debt and reading this article, you are on the right track!

The decision to get out of debt is one of the most important decisions you’ll ever make. It’s life changing! But what’s next? You may be wondering how you can make your dream of becoming debt free come true. Below are the steps that I took to make my way out of debt. I paid off just under £14k worth of debt in 18 months on a single salary. Back then, my income was just above average.

1. Stop Getting into More Debt

First things first, you should stop getting into more debt. It’s easy to apply for more credit and continue your mindless spending, but you have to remember that there is no easy way to get out of debt. So, the sooner you stop getting into more debt and start making your way out of it, the sooner you will have paid it off.

2. Calculate and Prioritise Your Debt

You need to know the exact amount of your debts, the interest rates, and the minimum payments due on each of your debts. If you are not sure, look…

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