Debt DietThe debt diet is a term that come into vogue in recent times. It denotes ways and means of a person to assume control of their finances by lowering their expenses. This can be easier said than done. Yet, when one looks at the state of the national finances, both at the federal and personal level, we can see that the time is now. National debt and personal debt can no longer be allowed to consumer our nation. The time for the debt diet has indeed come. Let’s begin.
Though some celebrities such as Oprah Winfrey have spouted incantations proclaiming that they are the experts at reducing personal debt and living within one’s means – what can someone who is a billionaire such as Oprah Winfrey truly know about struggling to make ends meet, struggling with credit card debt, struggling with a mortgage, struggling to put food on the table, struggling simply to survive? The reality is – very little. A person of Oprah’s stature is wiser to consider a nutritional diet rather than a debt diet.
The national unemployment figures as released by the federal government each month give a decent picture of the straights that the nation finds itself in. It’s tough out there. Job growth is minimal and inflation is up, particularly for such basic necessities as food and fuel for our homes and our vehicles. Whether one is employed, unemployed, or underemployed the debt diet can be tremendously helpful and effective at relieving financial pressure and easing one’s debt burden. But where to begin?
All diets, debt diets included, must begin with assessing exactly where one stands. It’s important to know exactly how much you owe and to which creditors if you are going to have a clear picture of how much or how little work needs to be done to make the debt diet effective. Gather those bills. Credit cards, department store cards, medical bills, etc. Then calculate how much is owed. Face the facts with courage and the determination that you are indeed fully capable of making headway in the lowing of your bills through a debt diet.
A successful debt diet also involves asking yourself tough questions: are you living within your means? The modern technological age has given rise to the new practice of not keeping up with the Jones' – but spending and shopping simply for one’s own self-gratification. Electronic devices and other unnecessary consumer goods are advertised heavily and made all too appealing for many of us to deny ourselves these items. If you are a victim of this modern day phenomenon, do yourself a favor, and as Nancy Reagan once famously said – Just say no.
National Debt ReliefMany financial advice columnists over the years have recommended literally destroying one’s credit cards to prevent yourself from spending unnecessarily. Yet the debt diet doesn’t call for such actions. Rather, the debt diet calls for simple self-restraint. And if possible, seek out professional debt help. Debt counselors such as those that represent the various credit counseling, debt settlement, and debt consolidation providers offer proven programs that can help a person to lower their monthly debt payments and in many cases get out of debt on a much faster timetable. These debt professionals work directly with your creditors to negotiate on your behalf a restructuring of debt.
Being in debt can be a struggle, but with a positive attitude the debt diet can help you improve your situation and regain your financial freedom.