3 Simple Tips to Eliminate Debt ASAP!

Eliminate debt now!

These three steps were crucial in our quest to eliminate debt. If you want to eliminate debt now, let us save you time and frustration.

Note: This article contains affiliate links. This means we’ll receive a small commission at no cost to you if you buy items through these links. We only recommend products that we use or have thoroughly vetted and would recommend to our moms.

Understand why you have debt

Save for extreme circumstances, like medical issues or natural disasters; people usually acquire debt to fill a void in their lives. We did! The insatiable need to buy more when we can afford is because we’re unsettled about something in our lives, past, present or future.

After years of self-reflection, we learned that we were making up for years of being picked on, bullied and forced to stay in the closet as gay boys. When we finally came out of the closet, we reveled in our freedom a little too hard.

We found our freedom and community in the dance clubs. Ironically, even though the dance clubs made us feel like we were home for the first time, we were afraid that our new gaggle of gays would reject us if we didn’t look and live the fabulous life.

What the void in your life is, only you can know. However, if you don’t learn what’s driving your behavior, you’ll never eliminate debt from your life, and it’ll get worse.

As with any addiction with drugs, alcohol or sex, the addiction is a symptom. Find out what that is for you and save yourself from being a cyclical debt offender. To eliminate debt, understand why you acquired it in the first place.

You must dig deep! This quiz will help you go deeper than you knew you could and assist you with the next step.

Know your motivation to eliminate debt

What’s your “why”? Why do you want to eliminate debt?

There are millions of people who are okay with spending $1,000 to $5,000 a year servicing their debt. We were paying $10,000 a year in interest on our $51,000 of credit card debt. That’s $10,000 annually with no apparent return to us. For us, we’d rather eliminate our debt and spend the extra money on vacations or retirement.

Knowing your “why” will help when it’s not so comfortable sticking with your goal of eliminating debt. Creating a debt payment plan and lowering your interest rates won’t make paying off your debt easily. You’ll still need motivation and support when you’re tempted to fall back into old habits.

After months of soul-searching, we learned that while we enjoyed our carefree disco days, they weren’t fueling our souls. What we want in life was to save for retirement, travel and give back to our LGBT community. Not living according to our highest values made living harder.

The motivation to eliminate debt is different for each of us. If you have a strong “why ” then the motivation is more powerful.

Would you rather buy those expensive shoes today or would you rather have a down payment to purchase a house to store those expensive shoes in the future? We often ask ourselves, would we rather have a margarita here in Denver or have a margarita on the beach in Puerto Vallarta? The answer’s always Puerto Vallarta.

Whatever your motivation is, have a clear picture in your mind’s eye to use as motivation when you don’t feel strong and have a clear plan to eliminate debt. Only because we knew our three “whys” could we maintain the motivation over two and a half years to pay off our $51,000 of credit card debt.

Take this FREE Financial Personality Quiz to learn more about how you feel about money.

Send it before you spend it

To get different results, we must do different things. As debt addicts, we did the opposite of this step too many times. In fact, David would buy things with his credit cards even though we had the cash because he liked the feeling of having cash.

What does “send it before you spend it” mean? Pay all your bills as soon as you get your paycheck, even before your bills are due. You can even call your service providers, cable, phone and otherwise, and have them shift your payment dates to align with your pay cycle. If you consolidate your debt, you’ll get on a convenient payment plan to manage your debt.

This tip will ensure that you pay your bills when you have the cash to pay your bills. Paying your bills on time is critical to maintaining or building a good credit score. It, also, eliminates past-due calls from your service providers and credit card companies.

With these three tips, you’ll eliminate debt once and stay out of debt for all.

Note: This article contains affiliate links. This means we’ll receive a small commission at no cost to you if you buy items through these links. We only recommend products that we use or have thoroughly vetted and would recommend to our moms.

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Comment List

  • MrRicket 02 / 12 / 2015 Reply

    Thanks for sharing. Very motivational.

    Cheers
    MrRicket
    http://www.myricketyroad.com

  • Mr. Groovy 16 / 12 / 2015 Reply

    Hey, David. Three great tips. I especially liked the link to the digital vision board. Hope to get one on my phone this weekend. Cheers.

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