What Getting Out of Debt Can Teach You

Getting out of debt is a process. It takes time and effort. There is no magic fairy that will come, tap you on the head, and say, "You are now debt-free." However, you can choose how you deal with that process. Since you are most likely the reason you got into debt in the first place, you can take what you learn during the process of getting out and apply it, so that you stay out. I'm not saying this is easy or simple. But if there is one thing you will learn during this process it's patience. And the same patience that lets you deal calmly with the collection agencies and the credit reporting organizations can be used to your advantage down the road.

So, why is patience so important? Because most likely it was impatience that got you into the hole. It sure was with me. I wanted all the things my friends had. And I didn't care that I made about 1/3 to 1/2 of what they made. Shopping made me feel good, even though I often felt let down or guilty afterwards. Now, if I can't afford to get something, I don't get it. I save for it. That takes patience. But when I do get it, it's so much better, because there are no guilt feelings. And, because I can be patient now, I often end up with a better deal than I would have if I just rushed out and bought things. Patience also gives you the time to assess whether something is a need or a want. As an example, I didn't jump to get an iPhone (although they are very nice) because I have a perfectly good cell phone that does everything I need it to. I thought about it briefly, I'll admit, but I had just started a new contract with another company when they came out, and didn't want to have to pay termination fees, as well as pay for the more expensive data plan the iPhone would require. So when my computer started showing signs of imminent death (it's over seven years old and the manufacturer no longer supports it, I was able to deal with the situation. I can't afford to replace it with something comparable, but i was able to afford a subnotebook computer, which will fill the gap as this computer loses functionality, serve as a travel computer for when I need one, and allow me to save up to get a better house computer when I am in a position to do so.