Reverse engineer your debt so you can engineer your way out
It creeps up on you. If there are two wage earners in your household, and you hold an average amount of debt ($27,000 of the non-mortgage kind), and say it took you ten years to find yourself there, consider this. That’s about $15/day of over spending. $5,400 per year, or $103 per week or about $15/day of spending beyond your means. $15 a day can creep up on you.
But by the same token – think about your debt in small increments. $15 seems more manageable than $54,000, doesn’t it? Of course you’ll want to pay it back much quicker than the 10 years it took you to got it.
So what’s the point? Unless you feel you’ve lived a foolish and lavish lifestyle, try and ignore the finger waving of those who are so quick to state that if you’re in debt, you’ve lived beyond your means and your character is flawed. It’s not that simple. I really wish that it were. At least I’d have a reason to feel this lousy.
Debt is structurally integral to how our economy works. More so now than ever. It wasn’t always this way. The challenge is to resist the consumer culture we live in and mimic the times when these levels of debt were not an issue because these debts products were not options.
There. Rant done. Back to regularly scheduled programming.