Getting out of debt is like running a marathon. Why? Well, a marathon is not a quick sprint. It involves a long, long run through arduous conditions. You can’t start out at full speed because if you do, you’ll give out long before the finish line. Getting out of debt is exactly like the marathon. It is a long process and you can’t start out fast mostly because you don’t have the money to get out of debt. Proverbs 21:5 tells us, ” Steady plodding brings prosperity, hasty speculation brings poverty .” (TLB)
When you are in debt, you often feel overwhelmed and maybe even depressed. Holidays, birthdays, and anniversaries scare you because all you can think of is more debt to get that special someone a gift. Stop yourself from spending anymore and realize that you are in a marathon. You cannot step out of the race you need to keep going and not add more debt.
Figure out your total debt and a repayment plan. You also need a spending plan/budget. Don’t try to take shortcuts. Get in the right frame of mind and decide that you will be debt-free. Then, take your debt and chunk it down. Figure out how soon you want to be out-of-debt and how much you can afford to pay towards your debt each month to help you get out of debt.
Let’s say you owe $21,000 and you want to be debt-free in three years. Take the $21,600 and divide it by 36. The result is the monthly amount you’ll need to pay on your debt. The monthly amount you need to pay is $600 per month. Then, start finding ways to make more money, cutting your expenses, or selling stuff you have laying around collecting dust!