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Getting Out of Debt: How to Stay Motivated

Presented By: EJ Cooksey | Saturday, May 03, 2008 | , , , | Comments

Getting out of debt is a goal that many Americans would like to achieve. But, like many New Year's resolutions, this goal is often abandoned shortly after the goal is set. Why is that?

One reason is that getting out of debt often takes a long time, so there are no immediate rewards for paying off debt. This leads to a lack of motivation to meet this goal. After all, it's hard to keep with a debt management plan when you may not see the benefits for several years.

So, how do you keep motivated when you're trying to get out of debt? Here are three steps to keep you motivated and on track to getting out of debt:

1. Determine the reason you want to get out of debt. Is it to reduce stress? To be able to spend or save the money that you are currently applying towards debt? To improve your relationship with your spouse or partner?

2. Think about the rewards you will earn by paying off your debt. Rewards might include a feeling of accomplishment, or a feeling of peace knowing that you have paid off your debts. Another reward might be the fact that you will have more money to spend for other things, such as vacation, clothing, or even saving for retirement.

3. Finally, determine your route to freedom from debt. Take an inventory of your debts and determine a payoff schedule.

As you continue on your journey to pay off your debts, review the reasons you want to pay off your debt, and the rewards you will experience when your debt is paid off. Imagine how you will feel when your debts are paid in full. These exercises will remind you why you want to pay off your debt, and will keep you motivated on your path to freedom from debt.

Are you ready to finally live debt free?
Click here to learn how to get out of debt and on the road to financial freedom today!
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