Good Times Are The Best Times To Dump Debt

The best times to get rid of debt are the good times, when things are going really well. However, human nature usually leads us to the opposite. When times are good, we let down our guard.

Your Future Is So Bright

We seem to make the worst decisions when our lives are going great. It’s simple to see why this occurs. We always believe things will always get better. It could be a promotion, a better paying job, or finishing school that you are looking forward to.

However, that hope for the future is only used as a catalyst to increase your personal debt even more. You assume things will keep going well, so why not spend more money on a bigger that, or a better this. You don’t worry about your debt load until you can no longer make the payments.

Look At This

Good Times To Dump Debt A woman, who I know through a friend, had no problem taking on more debt because she saw herself able to handle the extra payments. She reasoned that if everything remained the same she could handle the drain on her income. So she bought some expensive gift items on her cards and began making the monthly payments.

She found out rather quickly she could not see into the future very well. Her car gave out on her. The repairs exceeded the value of the car. She needed one for work, so she bought another.

The new payment wiped out the tiny cushion she had each month and also made it impossible to pay on her credit cards and store accounts. Today she finds herself hounded by her creditors and unable to pay them anything.

So Where Is Your Fix

When you begin to feel the squeeze of debt, you want a quick fix to get you out of trouble. Unfortunately there are no quick fixes for debt that will leave you (or your credit report) unscarred.

But why should it be any different from other areas of your life? If you know a food will give you heartburn you take a pill and “presto” you can eat any thing you like. If you can’t find time to exercise, just take a pill and watch those pounds melt away.

The economy is built on the same “I want it now” principle. If you want an item, you just whip out the plastic. You need it now. You’ll figure out how to pay for it later. When your plastic can take no more, you want out of debt in an easy way. You begin looking for the magic pill. Unfortunately the drugstore closed a long time ago.

What You Need To Do

What she should have done, and what you should do, is pay off your debt while you can and not take on any more. Whatever extra you have each month should be applied toward getting out of debt in a systematic way. Until you are debt free, you should order your life to make it a top priority.

Life’s pressures are more easily handled without money worries dogging you. Then when those big promotions with those big raises come along, you will be trained to put some aside. And without debt to take care of, you can. The goods times then, truly, will be the good times.

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Financial Quick Tip

Pay off your debt while you can and not take on any more. Whatever extra you have each month should be applied toward getting out of debt in a systematic way. Until you are debt free, you should order your life to make it a top priority.