Debt is a major concern for most, if not all households. In some instances, we involuntarily find ourselves in debt due to unemployment, redundancy, death of a loved one or some other unforeseen event. In other cases, we find ourselves in debt because of our pursuit of personal goals and dreams. For example, to further our education, purchase a house or to enjoy an exquisite vacation.
However, if we fail to manage our finances, we can quickly find ourselves in a dire situation. The majority of households today either struggle with debts or a worried about their financial situation. A news report revealed that the average household debt in the United Kingdom is £8000, with about 6 million Britons believing that they will never be free of debt. Debt can seriously impact not just our finances or credit score; but it can have negative repercussions upon our family and our own well-being and happiness.
However, there are ways that you can get out of debt quicker. I have included a video below that teaches on this topic from a Life Coaching perspective. I do not presume to be a debt adviser, but a life coach can help you get out of debt, by first taking you on a journey to discover the mindset and habits which have been keeping you in the bondage of debt.
Here are just a few preliminary questions or points to consider:
- Identify the reasons for each of your debts.
- What percentage of your debts are good debts and bad debts?
- Do you have any bad habits which contribute to your rising debt crisis?
- Are you a victim of the ‘temptation syndrome’? (I speak more about this in the attached video)
We can find several examples online of persons who grew up in poverty or struggled with high debt and were able to amass a fortune for themselves. However, when we listen to their stories, there is one thing that they all have in common. Their wealth accumulation was in a large part due to a change in mindset and habits.
Once you have reviewed your mindset and habits, then you can take steps to get out of debt quicker. I encourage you to watch the video below to discover how.
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