Conquering Your Debt Mountain One Step at a Time

Whether it occurs due to careless spending or insufficient income, the accruement of a mountainous amount of debt can be one of the most frustrating and disheartening circumstances. By the time you muster up the courage to get your debt under control, it might be so overwhelming that you don’t know where to start. Most people don’t have the ability to pay off debt in one fell swoop, but you can conquer your debt mountain one step at a time. To do so effectively, you must follow the right steps.

·         Know What Kind of Climb Lies Before You. Before you can conquer your mountain of debt you need to know exactly how much of a climb lies before you. Take an honest look at your debt so you can prepare accordingly. Otherwise, you’re setting yourself up for frustration and an incomplete climb. 

·         Bring Along Appropriate Tools. A good mountain climber knows that he or she must have appropriate mountain climbing tools to ascend up the mountain. Utilize tools that will help you wipe out your debt. See a financial counselor and track your budget with a computer or smartphone app. Create a plan that outlines how much debt you’ll pay off monthly so you know how much money you need to set aside from each paycheck.

·         Start Out on the Right Path. When your debt comes from several different sources, it can be confusing to know where to start. Begin by focusing on the debt that has the highest percentage of finance charges. By paying this off first you can streamline the debt repayment process to conquer debt faster.

·

·          Gather Additional Supplies, As Needed. As you slowly pay off debt, you may realize that you need additional supplies, such as extra income. Although getting a second job is an option, it’s not one that’s viable for everyone. Occasional work, such as taking on a seasonal job, getting involved in a home business or participating in medical trials at sites like volunteers.gsk, can help you boost income without making a long-term commitment.

·         Enjoy the View. Conquering your debt mountain is a huge accomplishment and you should feel proud. Take time to relish those feelings of achievement while seeing your financial circumstances in a whole new way. Preserve the moment by planning to maintain it through savings, smart spending and responsible bill payment. Look back on your climb and use the experience to help you learn how to enjoy life without accruing another mountain of debt.

Similar to climbing a real mountain, tackling your debt mountain is something you can do with sufficient planning and preparation. Once you’ve made your plan, consistent action will help you ascend toward your goal of being debt-free. Experienced mountain climbers know that the course from the bottom to the top is seldom a straight climb. Instead it’s a zigzag with lots of stops along the way to make sure you’re on the right course. Use these same practices as you pay off your debt to successfully conquer that mountain.