B is for Bondage. Nothing ties up your income and locks up your dreams more than the bondage of debt. If you want to turn your finances around, escaping those chains must be a priority.
Truths about debt:
- Debt is a product being sold. Credit is the most aggressively marketed product in the country. Remember that “Life takes VISA” is an ad slogan, not a fact.
- Debt limits options. Lenders must be paid. Any job that covers all of those bills is a requirement, no matter what. And an underwater mortgage can turn a home into a prison.
- Debt increases risk. Being able to pay today doesn’t guarantee tomorrow. Failure to repay leads to threats and legal action, and can result in losses of property and wages.
How to escape:
- Get intense. You can’t passively drift out of debt. Escaping requires passion. It’s time to get angry. It’s time to get focused.
- Get intentional. You have to drive every dollar you bring in towards a purpose. Make a plan for your income. Write it down.
- Stop borrowing. No more new debt. Draw the line here, and get ready to fight.
What do you think? Are you living without debt? How did you escape? What should be my word for Q? Let me know in the comments below!