To get out of debt, you’re going to need to figure out what got you into debt in the first place.
Yes, you may have had some bad luck. You may have been laid off, you may have bought more house than you can afford and then found yourself unable to sell it, you or a family member may have been hit by huge medical bills.
But odds are pretty good that’s only part of the problem.
If you’d built up an emergency savings cushion of 6 to 10 months worth of living expenses, it is very likely that you wouldn’t be facing these issues.
So what were you spending money on when you should have been saving money?
Do you spend too much money on luxuries that you think you absolutely must have, like expensive salon visits, designer clothes, electronic toys, pricey vacations?
Do you spend too much on your children, buying them brand new items the minute they hit the shelves at stores?
Do you spend too much on convenience, like having dinner delivered, maid service, lawn service, et cetera?
Do you simply plan poorly, always meaning to set money aside at the end of the month, rather than designing a savings plan and always sticking to it?
Look at your past spending patterns to determine what lifestyle changes and priority changes you need to make – or you’re likely to be doomed to debt forever.