As a consumer, you have to spend your money on the things that you need, right? And (let’s face it) you enjoy spending money on the things that you want. While there’s nothing wrong with that, the problem comes when you put yourself in debt over satisfying your wants or even worse, justifying your wants as needs. It might seem like fun at first, but when you start having trouble making payments, the fun is over.

Consumer debt is a killer when it comes to savings goals and overall financial well being! Whether you’re saving for emergency funds or investing funds or whatever fund you’re trying to set goals for, consumer debt will hold you down. Debt that’s accumulated over time because of over-spending needs to be greatly reduced if not completely eliminated in order to achieve financial freedom.

“There are no shortcuts when it comes to getting out of debt.” –  Dave Ramsey

The first step to reduce or even eliminate debt is to STOP accumulating it! If you don’t have the cash to purchase something you don’t (truly) need, then you shouldn’t be buying it. You have to get control over your spending habits. You have to analyze what you truly need and what you don’t need. In doing this you will need to make some sacrifices, even if only temporary, to get the ball rolling!

Once you come to grips with that and commit to it, you can then…..and only then, begin to tackle it. No matter how daunting it may seem to you, it can be done. It will take time and patience to get yourself out of it, but by becoming more aware of your situation and taking the necessary steps to change it will get you on your way to financial freedom.

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