Episode 99: Overcoming the Roadblocks to Debt Elimination Feb 28, 2012.
Today I welcomed financial coach Kevin Suddick back to the show to talk about the major roadblocks he sees with his financial coaching clients who are trying to get out of debt.
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- Next week is episode 100! That means for 100 weeks – almost two full years – we’ve been recording and airing our shows. Next week we’re celebrating by sharing listener comments on how living in financial excellence has helped them.
- The first roadblock Kevin mentioned was the housing bubble. It used to be easy to sell a house or other stuff to eliminate debt, but the housing bubble made that much harder to do. It can still be done, but you need a plan for your money in the meantime.
- Some people just have trouble getting started because they are hopeful that things will get better on their own. Kevin’s advice is to reach out for help because things don’t get better on their own and a financial coach can help you get back on track.
- Many people fail to get out of debt because they’re inadvertently going deeper into debt. This happens most often when they use their credit card for an emergency fund. Because it’s so easily accessible, the credit card starts covering all the little shortages of cash, and everything becomes an unofficial emergency. The result is more debt.
- Medical expenses derail many people in their efforts to be debt free, but it doesn’t have to be that way. Being prepared with the right kind of medical coverage makes all the difference in the world.
- Student loans are a big anchor for many of our clients. Too many people simply accept that they’ll have those loans for 10 to 30 years. Don’t accept that reality. Get motivated and pay them off so you can free up cash flow and empower yourself to win with money!
- The number one roadblock to eliminating debt is a lack of sacrifice. This should come as no surprise to anyone. Still, it seems that lots of people want to be debt free but aren’t willing to work or sacrifice to get there. Nothing in life worth doing comes easy. Freedom from debt is no different.
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