The A-B-C-D’s of Getting Out of Debt

You’ll get lots of opinions on the best way to get out of debt. Be sure of one thing, it’s not going to happen overnight. Here is one realistic and very easy- to -remember process can get the job done. If you know your A-B-C-D, you can remember the process to get started:

  • Audit – The first step you need to take requires a comprehensive analysis of where you are now  Ask yhourself the questions:  Who do I owe and how much?  How much is what I owe costing me?  How mucha m I worth today?  How much of what I make goes out each month to pay my debt?
  • Behavior change – “Change nothing and nothing will change” What plagues many who have the challenge to get out of debt, is wanting to get out while the life style that got them into debt remain the same. A good life style change must include the creation of an emergency fund and establishing a budget.
  • Commitment –You must commit to a plan to get results. There is more than one method, but you have to pick one and stick to it.
  • Discipline – All of the exercises involved in getting out of debt require time. Be ready to make all a lifetime change not just a one-time shot to get you out now so in few years you are back dealing with the same challenge.

Enoch Awoniyi, PhD

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