{"id":3784,"date":"2018-05-16T03:13:32","date_gmt":"2018-05-16T07:13:32","guid":{"rendered":"https:\/\/marriagekidsandmoney.com\/?p=3784"},"modified":"2020-06-15T05:34:47","modified_gmt":"2020-06-15T05:34:47","slug":"climb-out-of-massive-debt-with-these-10-life-changing-steps","status":"publish","type":"post","link":"https:\/\/marriagekidsandmoney.com\/climb-out-of-massive-debt-with-these-10-life-changing-steps\/","title":{"rendered":"Climb Out Of Massive Debt with These 10 Life-Changing Steps"},"content":{"rendered":"

When someone has a large amount of debt, finding a way out can feel impossible. The scattered accounts, the interest rates and the stress of keeping up with the day-to-day expenses of life are enough to drive us crazy.<\/span><\/p>\n

After interviewing around 100 individuals who have conquered their debt and moved onto building wealth, I\u2019ve learned what it takes to say goodbye to debt forever.<\/span><\/p>\n

Here are 10 life-changing steps that came up Repeatedly throughout my interviews:<\/span><\/h4>\n

<\/p>\n

\"Debt<\/p>\n

1. Fully Commit to Debt Freedom<\/b><\/h2>\n

When you\u2019ve simply had enough of your giant pile of debt, it is time to truly declare that you\u2019re ready to clean it up. Tell your spouse, proclaim it your friends or even shout it out loud on an\u00a0<\/span>awesome podcast<\/span><\/a> (<\/span>shameless plug<\/span><\/i>).<\/span><\/p>\n

Most importantly, commit to <\/span>yourself<\/b> that you will make a change today.<\/span><\/p>\n

Like any other monumental moment in your life, declaring your intention is the first step toward making the impossible possible. Commit to doing something incredible today.<\/span><\/p>\n

2. Analyze Your Debts<\/b><\/h2>\n

Gather all the information about your current debts and lay it all out on the table. You want to understand two important details:<\/span><\/p>\n

    \n
  • Current balance<\/span><\/li>\n
  • Interest rate<\/span><\/li>\n<\/ul>\n

    If you don\u2019t know how much money you owe or perhaps even who<\/em> you owe, take advantage of the<\/span> free credit report analysis and score from Credit Sesame<\/span><\/a>. This service will help you get all the details on your current debts, past debts and even some open accounts you maybe weren\u2019t even aware of.<\/span><\/p>\n

    3. Create a Budget<\/b><\/h2>\n

    When you have your income and your expenses all laid out in a budget for the first time, you get a sense of control that you\u2019ve never had before. This simple action will put you in charge of your money instead of the other way around.<\/span><\/p>\n

    I\u2019ve used<\/span> Mint<\/span><\/a> for over 5 years to manage my family budget. It has helped my wife and I do some amazing things like communicate openly about our finances, plan our future together and even destroy our mortgage in less than 5 years<\/a>.<\/span><\/p>\n

    If you\u2019re more into spreadsheets than online systems, check out<\/span> Tiller<\/span><\/a>. It helps you easily track your spending and even synchs up to your accounts to make the budgeting process simple.\u00a0<\/span><\/p>\n