One reality that keeps many people trapped in debt is that they’re not realistic about what it will take to get out of debt. Most people get into debt by spending beyond their means. They do this recklessly without any thought of how they will pay their bills.
This article provides a good example of this, where the person who is in debt has unrealistic expectations of how they will get themselves out of debt. This person is going to have to make a lifestyle change. It may be painful. I wish I could hand this person a copy of Debt Free in Three:
After a divorce and remarriage, I find myself approximately $24,500 in credit card debt.
I’m looking for a way to pay back the debt with one payment a month and with less interest than I’m paying now. I could afford approximately $300 to $400 a month for as long as it takes. I’m self-employed with excellent credit but don’t own a house.
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The amount you want to pay wouldn’t even cover the minimum payments on most credit cards.
The emphasis to that last sentence was added by me. I think it’s important. This is the disconnect for most people. You need to pay more than the minimum to get yourself out of debt. And yes, this may mean a cut to your lifestyle. You may need to cut down on your cable package. Or maybe you should drive a less expensive car. Do something to get yourself out of debt.
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