How to Get Out of Debt

With the economic downturn, credit card debt is on the rise. Living beyond our means has become a “normal” standard of living during these difficult times. It may be obvious to you that you are financially struggling, but what you may not realize is that in addition to sinking further into the red, your mental and spiritual stability is sinking as well.

Do you have a problem with mounting credit card debt? Practice this exercise on a weekly basis to find the strength to face your debt and to find the discipline to reduce it.

In preparation for this exercise, you will need to gather all of your credit card statements and records of debt. If this already appears to be a daunting task, try to remain positive. The initial resistance you may feel can be an indication that you are in denial about recognizing your debt. By taking the first step to review the actual numbers, you will develop a point of reference for future comparison by which you can track your success.

1. After gathering your financial records and credit card statements, begin formulating a list of the amounts owed. Add up the totals so you discover the actual amount of debt that is owed.

2. Say the statement out loud, “I am in debt $ (this amount of money).”

3. Repeat this statement several times, allowing it to sink into your consciousness to the point where you accept the reality, rather than simply feeling the fear. Recognize how you feel about acknowledging your debt.

4. After discovering the extent of your debt, immediately begin to generate a sense of compassion for yourself and for the difficult situation you are in. Reflect on the purchases that you made that created this debt. Were they necessary? Could you have lived without the designer shirt or fancy new cell phone upgrade? Are there monthly cycling charges that you can eliminate? Newspaper subscriptions that you could read online for free? Monthly pedicures or haircuts that you can cut back on, or use as “rewards” for limiting your spending elsewhere?

5. From this place of compassion and reflection, commit to getting out of debt, no matter how long the road appears. Develop a system that feels fair, yet will create successful elimination of debt. Write your commitment down, and offer this contract to the universe as a pledge of your sincerity and willingness to put forth the effort and restraint to reverse your current situation.

6. With a deep and sincere conviction, ask your guides and higher powers to help you control future spending by intervening before you are about to make a purchase. Allow them to guide you in future decisions of necessary versus unnecessary purchases.

7. In the future, when you are shopping, remember to listen to your intuition and your guides, and follow their guidance if they gently remind you of the debt-free commitment you have made. Don’t ignore their messages as they try to keep you on track.

8. End this exercise by placing all of your statements into a “get-out-of-debt” box, along with your itemized list you created and your contract with the universe.

9. As your statements come in each month, repeat this exercise, and watch as the numbers slowly dwindle as you begin to get out of debt.

Quite often, this initial feeling of accomplishment will motivate you to continue a new, thrifty lifestyle. As bizarre as it may sound, you may even find that instead of gloating over a new expensive purchase, you instead pat yourself on the back at the end of a day when you resisted spending, saying “no” to an expensive purchase. Give yourself praise, and continue to watch those numbers decline. You can do it!

Faithfully,

Marin