Is debt stopping you?

We all have dreams of doing something amazing in our lives. For some it’s taking the trip of a lifetime around the world, others dream of buying a fancy car or moving into a first home. But when dreams are hampered because of issues such as debt, doing something radically different with your life can seem like a world away. If you’re one of those people who are affected by debt, rest assured you are not alone. Money worries are the number one reason most of us don’t dare to do something a little bit more radical with our lives while we’re still young enough to do it. And that’s a great shame.

100 trillion dollars

So if you’re one of the millions who would like to get up and go, but you have a debt millstone dragging you back, it’s advisable to do something about it.

One of the worst things anyone with debt can do is to be ostrich-like. The head in the sand approach simply doesn’t work – but even that’s better than continuing to spend beyond your means as you’re so deep in the craziness of it all that just another bout of spending won’t make a big difference.

If you recognise this downward spiral in yourself then you must do something about it or you will never be free to do what you really want to with your life.

The way out of debt is to spend less than you earn (unless you’re going to get really lucky in some way – which you can’t possibly rely on). So the first step is to take a long hard look at where your money is really going and/or how you can earn more of it.

If you can gradually claw your way back, then great; spending less than you earn will gradually get you back into credit to a point where you can spread your wings. It may also be advisable to get a friend or family member to help you. Alternatively, you can take things to the next level with a debt management plan whereby a company accepts your debt and deals with your creditors for you.

If your debts are truly insurmountable, though, then it may be necessary to take expert advice and to consider an IVA or even bankruptcy. But don’t rush into any of this; try and seek out the best objective advice you can find and consider carefully how you can best get yourself free. Sometimes those dreams of travelling the world can be just the motivation you need to be proactive about your debt. Don’t expect everything to sort itself out straight away and, while you may have to put your dreams on hold in the meantime, don’t assume that they will never happen. People have managed to travel the world with just a rucksack and a passport in their pocket! The best thing to do is be realistic about your situation and most of all, don’t be an ostrich.

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