11 Ways to Reduce DebtI can think of at least 50 ways to reduce debt, if that is what you want to do. Many people cry out for help when their debt burden rises to volcanic proportions, but they don't take the next step. Once you offer the solutions to their problems they begin to rationalize as to why none of the solutions will work. But you don't know what will work unless you try it. And sometimes trying means applying the solution more than once, and at least a few times until it becomes a habit to you. Let me give you an example. A friend of mine had run up some bills over the course of a year while traveling to Europe. She was in a frenzy about how best to reduce debt that was stressing her out. I paid careful attention to the issues she brought up, wondering about her lack of foresight. How could someone who has everything going for her be so dumb when it comes to doing a few things that would get her back on track? Anyway, I had no choice but to listen and even had to empathize with how she felt about her financial situation. But she showed no signs of changing her position, so I had to do something quickly. I was afraid she would suck me into believing that she couldn't do anything different. But I must confess, she came close to giving me the knockout punch. Finally, I touched her on the shoulders breaking her trance. Looking straight into her eyes, I offered a few ways that people I know use to reduce debt. Of course, she was interested in hearing them but I wasn't sure if she would do anything with them. Here are some of the suggestions I offered, not in any order, but applicable to her unique situation:
So I have tried to show that rather than grieve over your financial situation, remember how you first got into debt. Without a doubt you were imaginative, creative and clever when you thought up all those schemes to put charges on your credit card, or take a loan to finish your basement. You can use the same process to reduce debt. |
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