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debt reduction is in the mind

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I don’t normally write about debt reduction as its not a topic that I have personal experience with (technically, I have a positive net worth) however, prompted by NCN I thought I’d share something I have learnt about reducing debt.

Reducing debt is all in the mind.

One of my siblings left college a few years ago. For several months, they lived with one of my parents without doing any chores, or paying rent. They were onto a free ride. The reason that they weren’t paying any rent or contributing financially is that they were broke, because they had a considerable amount of credit card debt.

I don’t mean to cast aspersions on my siblings, because the most important part of the story is that this person in particular has now moved out of home. And it wasn’t until they moved out of home that they really started to tackle their debt.

This brings me onto my important point. My sibling could have spent the many months they were living free of charge paying off their debts. But until they were truly responsible for themselves they didn’t. Debt reduction is all in the mind. Once you are in the right place, anything is possible, and until you are, nothing is.

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7 comments for “debt reduction is in the mind”

  1. My sibling is the exact same way, but he pays rent, although he could be saving a lot more money in a retirement fund, etc, if he would take a minute and stop spending it.

    And I’ve since moved back in as well ($40k in education debt), but I pay rent for the months I’m there. All the other times - I’m living out of a suitcase in hotels on projects.

    Posted by Fabulously Broke | August 13, 2007, 1:54 pm
  2. Its like you can lead a horse to water,…

    Posted by plonkee | August 13, 2007, 7:20 pm
  3. I think this is why tackling debt reduction can be so hard, it’s pyschological. Once you have that right state of mind, however, you can do wonders. Just look at the results of some of those bloggers out there.

    Posted by Jonathan | August 18, 2007, 10:43 pm
  4. hi nice post, i enjoyed it

    Posted by Litzy | August 18, 2007, 11:55 pm

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