Though there are many resources available to help you get out of debt, sometimes it’s important to try getting out of debt on your own. Whether you choose this route because getting help is expensive or for some other reason, the good news is that many people have successfully paid off debt without a debt consultant.
If you’re going to try this, it’s important to know what it takes to work toward getting out of debt on your own and what resources are available to you as you work toward your goals.
What Does it Take to Get Out of Debt?
Whether you’re working with a professional debt consultant or not, certain character traits lend themselves to getting out of debt while other traits make it harder. If you are educated about these traits, you’ll know if you have a good chance of getting out of debt on your own.
The first character trait that will help you get out of debt is motivation. You need to have good reasons to want to get out of debt. It helps if these reasons come from inside of you and not from external sources, as well.
To examine your motivation, make a list of all the reasons you want to get out of debt. Next to that list, make another one of all the ways your life will be different after you get out of debt. Examine these lists to determine how strong your motivation is and where it comes from.
Another character trait that’s useful when you’re getting out of debt on your own is perseverance. Financial goals tend to be long-term goals, and so you will need to stick with them for a long time, even when the going gets hard, if you’re going to achieve them.
To assess your perseverance, think about long-term goals you’ve pursued in the past. Have you been able to stick with them? If you have, your perseverance is solid. If you have not, you might want to think about developing perseverance or working with another person to reach your financial goals.
Make a Debt-Reduction Plan
Whether you’re getting out of debt on your own or working with a professional, you’ll need to develop a plan for your debt-reduction process. This will allow you to know, at any time, if you are on track to get out of debt and how much longer you have until you are debt-free.
There are many places to find plans for getting out of debt on your own. There are a lot of good books available on reducing debt. In addition, there are many websites offering good advice. Both of these resources are easy to find–just go to your local bookstore or search online.
Whether you find your plan in a book or on the internet, make sure that the advice you’re following was given by someone who is educated in or has experience in debt-reduction. The last thing you need when you’re getting out of debt on your own is bad advice!