If you haven’t made steps to action your new years resolution of being credit card debt free, remember that one of the best ways to do this is by consolidating your debt. Why? Because you are only paying one set of fees and interest.
We know it’s easy to say, “I want to become debt free” – Whether you are just starting out on your journey or a few months into it, the reality is alarmingly different from the spoken words.
So we’ve made a list of ways to stay motivated and well on track to becoming debt free.
Get mad at your debts
By consolidating your debt, you have already made the decision that you want to change. But looking at your overall balance of how much you owe can be emotional. Getting emotional is a good thing! You need to get so mad at your debt, or the amount of debt that you have, then you take that never give up attitude towards it.
You have to do whatever it takes to meet your goal – even when things get difficult.
Get naked
When consolidating your debts, you need to remove the temptation of credit. It’s well noted that people still use a credit card after they have consolidated money. They use the excuse of “just in case” they need it for an emergency.
But honestly, here’s the deal.
If you have credit available, you’re most likely going to use it. This is why, you’ve got to get naked!
Getting naked means that you should close any credit accounts that you have. And yes, whilst that may feel kind of scary and you feel exposed and vulnerable, it’s going to be better for you in the long run. If you follow the right steps, then you will find that you are actually less vulnerable when you go naked.
Be accountable
Getting on top of your debt can take a while, so if you have someone who can give you moral support throughout your journey will be a blessing in disguise. Share your goal of getting out of debt with a friend, family member or mentor who’s willing to encourage you.
It’s better to choose someone that has good financial habits and is already out of debt because they will wholeheartedly understand what it takes to get there.
An accountability partner can help you to continue to see the light at the end of the tunnel and they can assist you when you feel stuck in a rut.
Educate yourself
Burying your head in the sand is never the answer to anything, especially when it comes to your finances. It is very important, even after you have consolidated your debt, to constantly educate yourself about finances and how to stay out of further debt. Make sure that you are making your repayments on time and if you do come up against something unforeseen, then contact us! Because if we know what is happening for you, then we are able to make a plan to help you get through it the best possible way.
Focus
The say every little bit counts, and they weren’t kidding! Getting rid of any amount of debt happens just one small step at a time. Imagine if you put aside every 50c coin you got back when you went out shopping and put it on your consolidated debt pool – it may not seem like much but it will add up quickly. Maybe you decide that your daily coffee order will be small rather than the usual regular, with the difference being put directly on your debt– making that small change every day helps to not only reduce your debt but to keep you focused and engaged in the process and motivated to continue the journey.
By making the decision to consolidate your debt with us, you have made the first decision in your journey to becoming debt free. By using the steps above as guidance, it will help you to achieving your goals successfully.
We at Linsa Finance, are here to help you. So make sure that you use our knowledge and expertise to help you achieve your goals.
