Take Control of Your Debt and Start Living
According to Investopedia, National Student Debt in America hit the $1.58 trillion mark by the end of November 2021. The average college attendee acquires $38000+ in student loan debt. With a brittle economy and limited opportunities, very few students can meet staggering payments and ungodly expectations set by lenders. Of course, debt is not limited to those seeking higher education.
Many borrowers argue that limited resources exist in explaining how to manage payments and debt. They say lenders offer little to no help in educating them on the responsibilities and expectations they face. Therefore, it is time to take an active role in managing your finances and debts. You can choose to be a victim, or you can work to better yourself, your family and your mental health.
Start by reading this fine print: as long as you continue to put off your debt, you will continue to put off success and happiness. After this article, I want to challenge you to spend smarter. Be responsible and knowledgeable about what you spend. Commit to improving your situation. Once you start taking ownership of your debts, you will see your personal/professional life flourish.
If you are ready to begin your journey to take control of your debt and start living, grab a felt marker and helium balloon. Make a list of all the lenders and/or amounts you owe on the balloon. Take a few moments and think positively. Perhaps you have concluded that you borrowed more than you needed. If you are leaning over a list of student loans, think about where you would be without your education. Maybe you're thinking that the extra year you spent studying abroad wasn't worth it.
Now think about the independence you gained from living abroad for six months. If you are staring at a paper and your mortgage amount is staring back at you, ask yourself where you and your family would be without a house. Yea, maybe the pool in the backyard wasn't necessary, but think about all the parties and birthdays your kids have enjoyed in that pool. You have the power to either dwell on the negative, or you can choose to let it go and watch it float away like a helium balloon drifting in the sky. Let it go, watch it float out of sight and promise yourself that from here on out, you will make more educated financial decisions for yourself and your family.
Thank you for reading and hope you have a good rest of the day!
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