by Gary Foreman
This article comes from Gary Foreman at The Dollar Stretcher.
Using the right tools for the job
This is the time of year when many people look at their debt situation and shudder. They dream of what it would be like to be out of debt. And, if they're brave, they begin to plan a strategy to reduce the amount of debt they carry.
They'll begin with high hopes, but many of them will quit before reaching their goal. They’re disappointed, discouraged, and defeated.
Is there something that they could have done differently that would have given them a better chance at success? I think so. If you watch people long enough, you'll see some patterns and learn some lessons. Let's examine some of those lessons.
You can find all kinds of advice about how to get out of debt. The web is full of the stuff. But, when you boil it all down, there are three things that form a foundation for a get-out-of-debt effort.
It’s a marathon, not a sprint
First, don't expect immediate results. You won't be getting out of debt in a matter of days or weeks. The only way to eliminate your debts quickly is to inherit a large sum of money, win the lottery, or declare bankruptcy. The first two are unlikely. The third may remove debts quickly, but you'll suffer with a lower credit score for years to come.
Recognize that it will probably take about as long to get out of debt as it took you Read the full article »