My Life With Debt

The Downward Spiral

For a while, I was OK. I paid more than the minimum and after a year my debt was cut in half. But then, disaster. I lost my job at a bookstore and I couldn’t find another place to work for months. I had to use my cards for groceries. Gone were the carefree days of spending with impunity. I was scared. I knew that I would have to start paying my cards – soon – and I didn’t have any income.

I missed one payment, then another and another. Creditors started calling night and day. I finally found another job, but I was far behind on my payments and my debt had grown enormously. I was scared.

I tried to bargain with my creditors. I begged for help, for a plan to reduce my debt, but they offered no relief. On my salary, I couldn’t even afford the minimum payments. Every night I stayed up worrying and every day I avoided the phone. It was a terrible time.

My Solution

I had to make some major changes to my financial habits before any debt-relief program really worked.

Here are 5 ways I reduced spending to reduce debt:

• I only bought clothes on sale.
• I made shopping lists for groceries and only bought that I needed to get by – no sweets or junk food.
• I borrowed books/movies from the library instead of going out and buying them.
• I used heating and air conditioning – at home and in the car – sparingly. I also canceled my cable and internet services.
• I sold excess valuables, including electronic items, that I really didn’t need.

In the process of reducing my debt, I made major changes to my lifestyle. After a short while, my life had less clutter. I found myself less worried about stuff I didn’t have  and the stuff I did, have I enjoyed more.

I now live a simpler life. I have credit cards, but I don’t carry them with me. I keep them stored away in a file cabinet for emergencies. If I do use them, I pay the total balance that month.

All in all, I don’t regret my debt experiences. No, my credit score is not stellar, but I refuse to be defined by my purchasing power. There is much more to life than shopping for useless junk!

If you have a similar story, please leave a comment below. I was able to fix my debt without a debt consolidation loan, and I’d like to hear how other people did the same. Regardless whether you’re enrolled in the Credit Solutions program, please comment so we can have a discussion. Share your experience and advice, and ask any questions you may have. Together, we can battle debt!

Author Bio: Drew Johnson is an expert in the various methods of debt reduction and has successfully reduced his own debt. Drew studied literature at the University of Dallas. Please find more articles by Drew at the Credit Solutions Learning Center.

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