Change Your Mindset and Achieve Debt Freedom

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Debt is the ball and chain that holds us back from living the life we want to live.  At first, using credit seems harmless until our spending gets out of control resulting in long-term debt.

The first step in debt elimination is an acknowledgment of your entire debt picture and an awareness of your spending habits. It may be hard to accept past mistakes, but completely necessary in order to remove the shackles of debt. In order to move from debt holder to debt freedom, you must accept your past financial mistakes and accept your role in getting out of debt.

The reason why you can’t get out of debt:

John manages to pay off $30,000 in debt in 2 years on a $45,000 annual salary. While Jane makes $80,000 a year but can’t make a dent in her $30,000 debt. John is on his way to financial independence and Jane remains stuck. Why?

There are many factors that impact one’s ability to achieve debt freedom. For many, the biggest culprit is overspending. In the example above, Jane makes a great living but living way beyond her means. This leaves no money available to pay extra towards debt.