Solving Debt Problems

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Your action step is to review those two articles first before continuing to read so you can identify which habits and attitudes caused your debt.

Once you’ve identified the habits that cause you to get into debt the next step is to adopt new habits that move you toward wealth.

With this step you literally engineer your life to create wealth one habit at a time.

This means stopping all the slow leak habits and replacing them with wealth building alternatives.

Unfortunately, debt can’t be permanently eliminated just by fixing the financial symptoms.

That’s why debt payoff and reorganization strategies seldom result in a permanent cure.If you are in debt, then those results prove that something is standing between you and the solution you already fully understand.Tracing the problem back to its root works like this…The source of the leak never got fixed so the tire just goes flat again.The three steps below can help you identify and repair your budget leaks so that you can permanently solve your debt problems. More specifically, your debt is caused by your habits and attitudes that determine hundreds of daily financial decisions.They do nothing to keep you from piling on new debt in the future.You need a three-step solution that cures the underlying cause first and then treats the financial symptoms second so that you can become permanently debt free.The second reason is to raise your consciousness around your spending to create further saving.For each expense ask yourself two questions: “Is this getting me the highest and best value for my money?Permanently repairing a flat tire requires three action steps: 1. You must first identify the root cause so you can permanently fix the problem. Then you must take action by repairing the cause of the leak.Until you do whatever is necessary to fix the root cause the tire will just flatten again and again no matter how many times you reinflate it. Once you’ve completed the first two steps, then it makes sense to reinflate the tire — not before. You must plug the holes in your budget by fixing the cause of the debt before actually pursuing financial solutions (reinflation) to pay the debt off. They mistakenly go straight to step three by hiring a debt consolidation company, or transferring balances to a HELOC or a 0% credit card, or they try a quick fix by selling assets such as a house, boat or car.

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