How to Get out of Debt – Step one

Credit Card Debt

Welcome to Step one in the ‘Get out of Debt’ series.

This week is all about stopping the cycle once and for all. You can see all of the ‘how to’ steps here. They aren’t meant to be done in a week. You didn’t get into this debt in a week and it will take a wee bit of work, attention and time to get out of it… But the amount of stress you will get rid of by killing the debt is SO incredibly powerful. So, let’s do this!

Credit Card DebtStep 1: The first step isn’t simple. But it is in concept. You need to put a line in the sand and stop going further into debt. Cut up those Credit and finance cards, put them in a snaplock bag and freeze them, give them to your (financially stable!!) mum til you feel secure without them – do whatever you need to. Make a decision and tell someone for accountability that you will not be borrowing more using lending companies or banks other than (obviously!) to buy a house.
Taking the first step on a journey is never easy, it’s not always fun, and it’s potentially very scary.

Today’s get out of debt step is to minimise the possibility of going into debt further. Credit card debt (or similar) can keep you stuck for so long with the interest. The more you have, the more interest you pay, the less money you have to pay that debt and so on. So today, let’s change this cycle.

My challenge to you is to take the first step. Get down and crawl if you need to, that’s more than ok. But take one step. If you have the courage, cut up that credit card! If you don’t, that’s ok because I get it. Get a snap lock bag (or any waterproof one!), pop your credit card in it and pop it in a container. Then fill around the credit card with water. If NEEDED, you can let it thaw, but the idea is to change the habit of falling back on it or buying what you haven’t yet saved for. Wouldn’t it be awesome in 5 years to be able to say you have no debt (maybe other than a mortgage)?!

Post a photo (WITHOUT being able to see credit card numbers!) of your wallet without a credit card in it – or even your frozen credit card! ๐Ÿ™‚

Make sure to pop back to Nipenda – Life + Loveย for more tips on getting out of debt. We’ll be running this series in November 2016 so if we’ve finished it already, all the links will be in the first overview blog.

P.S. There are other options too. Pop it in your knickers draw so you have to come home to get it? Give it to your mum so you have to suck up some pride to get it back…. or even give it to your partner if they are the good budgeter in the house! Even burying it in a hole outside! (Bag it, and make sure only you saw where you buried it! ๐Ÿ™‚ ) Also, some consider a borrowing money for a car slightly different as they can be really expensive – totally your choice, but if you are able to, this worth considering saving for too.

Leave a Reply