Is it possible to get completely out of debt? Yes, it is. But, is it realistic? Considering the culture we live in today, it is virtually impossible to avoid having any debt unless a person has a generous income that is not tied to a business. Debt reduction is more realistic than getting completely out of debt; especially if you are between the ages of 18 and 65.
It is between these ages that 98 percent of the American public is preparing for a career, building a career, or preparing for retirement. Ninety-five percent of assets and liabilities are acquired between these ages. Unless you have a Trust Fund with millions waiting for you at age eighteen, you are most likely to fall into the temptation of getting into debt for college tuition, buying a car or home, etc.
Most people do not have the kind of savings account established where they can withdraw $150,000 for the purchase of a new house. Therefore, debt reduction should be considered a viable option. This does not mean that you should not aim for total eradication of your debt; it simply means that if you aim for the moon and you so happen to fall short, you will at least be among the stars.
I was once asked a question by a studious young man, “How long will it take to get out of debt?” My answer was in the form of a question. I asked,”How much debt do you have opposed to the amount of money you have left over once your normal monthly expenses are satisfied?” If your answer is that you have a deficit every month, getting out of debt is going to take some time. If your answer is that you carry a surplus of $500 or more, considering how much debt you are carrying, it is still going to take time. You build debt as if you build wealth, over time. However, time is one of your greatest assets when it comes to debt reduction.
Join me and the hundreds of others by signing up at the top left hand column of this post for the “Taking Control of My Life” Campaign, which will give you the kind of information to help you redirect your focus and kick your life into a higher gear.