First, Stop the Bleeding
Debt continues to crush our society. Across the board, debt levels continue to rise. Record high credit card debt. Record high auto loan debt. Record high student loan debt. The pendulum has swung toward more debt.....and it's not swinging back. As I see this play out in the lives of families, I'm literally watching this debt erode people's lives from the inside-out. Constant tension. Marriages lost. Stuck in jobs. No saving for the future. Using more debt to keep the train on the track. Modeling bad behavior for kids. Watching the cycle repeat in the next generation.
Millions of families have conceded defeat, willingly subjecting themselves to the turmoil and suffering caused by this destructive cycle. Some, though, desperately want out. They recognize there is a better reality, a different way of living. They know it's possible, but despite best efforts, they can't seem to claw their way to the other side.
I always share three promises with anyone interested in getting out of debt:
1) It's really simple
2) It's really hard
3) It's worth it far more than you could ever imagine
For many, it seems like every time they make progress, regression pushes them back to where they started.....or worse. This is primarily because they failed to execute the initial and crucial step: First, stop the bleeding! Let's use an analogy. You're sitting in a canoe and notice a bunch of water at your feet. Concerned by this development, you start to shovel water out. But no matter how fast or how much you shovel, the water line keeps rising. It's because you didn't plug the hole. You didn't stop the bleeding.
This is why so many people struggle with debt. They try to pay it off without first stopping the bleeding. They keep their credit cards open. They're still willing to sign the dotted lines for more student loan debt. They're open to using debt for their next vehicle. I promise you, if debt is an option, it WILL be used. Even while paying off debt, you'll find yourself sabotaging yourself along the way.
Well, what's the alternative? If we truly want to get on the other side of the debt, we need to resolve to NEVER let debt be an option.....ever. No more car loans. No more student loans. Close the credit cards. Stop the bleeding! Draw a hard line in the sand and be stubbornly unwilling to cross it. Then, and only then, can we move the needle and finally get on the other side of debt like we deserve.
This is a very controversial and counter-cultural idea. I get it. I've been on both sides of this in my own life, and have coached hundreds of people through it in their journeys. Armed with that experience and insight, I promise you that not only is it possible, but it's amazing!
If this speaks to you, perhaps this needs to be a mission in 2025. Maybe someone in your life needs to hear this; encourage them! This is the year! Draw the line, cross it, never go back.
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