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I got a call for help a few days ago from a very emotional Joann. She said that her debt has gotten completely out of control and she is totally overwhelmed (can anyone relate?).
She was understandably emotional, but it wasn’t only sadness and stress I heard in her voice. What I heard was…fear. She told me how embarrassed she was about her debt and that she was actually afraid for me to see how much she owed. I think the truth is that she is afraid to face the amount of debt she actually has.
It was staggering when Katy and I sat down and calculated the amount of debt we had. We had done some really dumb things with our money, and we paid the price. We were over $50,000 in debt in our 20’s. Almost all of us have been irresponsible with our money. We’ve overspent, under-saved and signed up for ridiculous amounts of debt.
It’s overwhelming and it can be scary…but you are not alone.
Consider this - according to US News and USA Today:
• The total outstanding consumer debt in the U.S. was $11.7 TRILLION as of June 2010.
• The average American household with at least 1 credit card has $10,700 in credit card debt.
• 30% of Americans have credit card debt.
• 59% if baby-boomers have credit card debt.
• 56% of baby-boomers have car payments
• 40% of people who are in debt have monthly debt payments that are more than half of their monthly income.
• 60% of people over 50 years old are in debt.
• 10% of people have either filed or seriously considered filing for bankruptcy.
If you’re in debt, you’ve made some big money mistakes and are over-extended, consider yourself normal. This is the way we were taught to live. Credit cards, car payments, student loans, 2nd mortgages…the list goes on. No one ever taught us how to balance a budget, set up a savings plan or live debt free.
But my wife and I finally reached a point where we said, “ENOUGH IS ENOUGH!” We were tired of living paycheck to paycheck, just barely scraping by, and living with constant financial stress. We reached out for the help and support we needed to make a plan, sort out our bills, build a budget and fight for our freedom from debt. And the guidance, teaching and support we received have made all the difference in our lives.
The journey to debt-freedom can be overwhelming, and the process can be daunting. But don’t let fear hold you back! You are not alone. Reach out and get the help and support you need to fight this battle and finally win with money.
If you are ready to make a change and to take back control of your money and life, we would love to help. We always offer a free 30 minute consultation, where we will help you start to make a plan to break free.
Yours In Freedom,
Clint
Join the conversation…What, if anything, is keeping you from taking the leap and working to become debt free?