5 Dumb Things to Do While You’re In Debt

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I ran across an interesting article a few years ago but can no longer find it. Thank goodness for podcasts. This is a reminder of someone’s top 5 dumb things one can do while in debt.

While I don’t care for the “dumb” label. I think mistakes are a part of life and the connotation associated with dumb someone demeans our experience and I’m just not a fan of negative self-talk.

That said, these are five activities you want to stop, avoid, or at the very least minimize immediately if debt freedom is a near-term goal. Which it very well should be.

So here are the top five things to stop doing while in debt (or really just in general) from a previous article I referenced in the podcast:

  1. Pay minimums on credit cards
  2. Avoid relying on family and friends to rescue you from debt
  3. Consolidating with high-interest rate loans
  4. Filing bankruptcy unnecessarily
  5. Be careful Seeking assistance from debt relief companies

 

Those are well and good. Here are my five things to avoid while paying off debt.

  1. Stop borrowing
  2. Stop living to impress others
  3. Stop ignoring the problem
  4. Stop suffering in silence
  5. Stop making financial decisions you don’t understand

 

Of course, my goal is to encourage you to break up with these bad habits in order to pursue your goal. Debt freedom is a mission that we can all achieve. Like other major life transitions, it’s just a matter of how much do you want it.

Are you willing to be uncomfortable temporarily to make progress on paying off debt?

 

Topics Covered on this Episode

We talked about:

  • 10 things to avoid while in debt
  • Suggestions on how you can move from unproductive habits to healthy fiscal habits
  • Why these common activities are stunting you debt free momentum

 

 

 

Resource Featured:

 

 

 

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Debt Free Divas
Debt Free Divas
I'm committed to helping you accomplish your debt free dreams! ~Toni

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