A debt spiral is pretty much like a bad nightmare where you’re falling into nothingness and can’t get yourself out of it.
Many people go through debt spirals in their lifetime because of unforeseen expenses, loss of a job or medical crisis.
Sometimes it’s by no fault of your own that the debt spiral occurs, and other times it’s because spending habits were out of control.
Whatever the reason you find yourself in a debt spiral, it’s time to spend less, make more money – or both.
It may take a while to unravel the tangled mess you find yourself in, but you’re sure to learn more about how to better manage your money and a little bit about yourself, too.
It is still a very stressful situation to find yourself in because people are creatures of habit and it’s not so easy to suddenly change your spending habits or necessarily find a way to suddenly make money.
The first thing to do if you find yourself deep in debt is to assess your damage.
How much do you owe, to whom do you owe it and what interest rates are you paying?
You should assess everything in your litany of debts, but especially focus on consumer debts such as credit cards.
Find the root cause of your financial problems.
That can only be done by tracking your spending.
You’ll then begin to understand the weak spots of your spending habits and be able to focus on areas where you can cut back.
Most debit and credit card expenditures are easy to track – or you can do it the old way, by saving and adding up receipts.
After you know where your money is going you can include the entire family in your plan to cut back.
Don’t cut out everything that the family enjoys, but do include them in the effort to trim some of the fat from your spending habits.
If you need more help than a budget plan to cut back on expenses, consider a consolidation loan to reduce your multiple payments to one and to stop the high interest rate you may be experiencing on credit cards.
Being unable to make payments to creditors on time can ruin your credit standing and even lead to harsher measures such as bankruptcy.
One signal that you’re in a debt spiral is that you can’t afford to pay your credit cards in full each month.
You keep using your credit cards to purchase necessities such as food and medicine and the creditors add an exorbitant amount of interest to the balance each month.
You may even borrow to pay bills – a sure sign you need to sit down and carefully assess your spending and what got you in this predicament in the first place.
Don’t assume that the road will be smooth after you get yourself out of the debt spiral.
You have to get to the root of the problem and take steps to keep you from ever having this problem again.
Thanks for stopping by and have a great day 🙂
To Your Success,
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Resources for Online Success
My Online Journey
You don’t know me. I’m not some flashy internet marketer with my name and face all over the internet.
Nope. I’m actually way too introverted for that 🙂
I’m just an ordinary person that had to figure out a way to make money online when I lost my job in 2008, due to health issues.
In the offline world, I gained several years experience in Customer Service, Accounts Payable and Accounts Receivable and various other clerical type positions.
Much of it was drudgery, especially working in call centers.
I was good at my various jobs, but I did not enjoy being hostage to a cubicle and headset..lol 🙂
But, you do what soul sucking jobs you have to do, in order to make money to pay the bills.
As a free spirit, I always had the deep desire to break free from the cubicle-zombie-robot rat race world and have full control over my time, income and life, without having to have permission from a boss.
I was tired of being just another “number” that was expendable, no matter how dependable I was or how hard I worked (just to help build someone else’s wealth and make their dreams come true).
I wanted to create MY freedom…not just build it for someone else.
Unexpectedly in 2008, severe neck issues forced me out of the 9 to 5 corporate world rat race (before I was actually ready financially, which really sucked a lot and was pretty scary).
My neck issues got worse after years of being trapped at a computer, with little to no permission to get up and move around and stretch.
This is not good when you are suffering from old car accident injuries.
This was especially the case in call center jobs with low cubicle walls. They didn’t want you standing up, due to the noise while on calls.
And although losing my job and the paycheck was a less than pleasant experience, my goal was to be an online entrepreneur anyway.
But, I was forced to make it happen at that point…which was not ideal.
Wasted Time Dabbling
It’s better to have a 2nd income already coming in regularly before losing your main source of income, but I had no control over what happened.
I had already been “dabbling” in internet marketing, on the side, since 2004…basically wasting time.
I treated it as a hobby, instead of an online business.
I actually made a little bit of money with affiliate commissions and some advertising revenue, but it was nothing to write home about because I did not build it up.
If I had realized that my health was going to go sideways so badly in 2008, then I would’ve taken my online business “side gig” much more seriously.
I would’ve hustled, even while still working a full-time job, because 4 years would’ve been more than enough time to have built that online business into a full-time income.
Just an extra 1 hour per day consistently over that 4 year period…would have made all the difference.
So, after I lost my job in 2008, I was in a real bind for more than one reason.
I needed to get serious and stop dabbling and start hustling to make money online, but it takes time to build an online business that brings in consistent income.
I was out of time. My household went from two incomes to one and I needed to get moving.
The problem was my severe neck issues and the accompanying dizziness from nerve damage in my C1 Vertebrae, the Atlas.
So, this meant that I couldn’t exactly hustle like I needed to because being on a computer for hours each day at home is no different than doing it at a job.
I was no longer able to do this, if I wanted to not end up completely disabled or bed-ridden.
The years 2008-2011 were extremely tough in trying to heal, but with proper therapy, the worst of it got better, but it’s not 100%.
Even now in 2022, I still can only be on a computer so much each day, without causing flare-ups.
So again, if I had taken it all more seriously, then I wouldn’t have ended up with so many financial worries, when I lost my job.
I would’ve had something more substantial to fall back on during times that were difficult money-wise and health-wise.
Then, add in beating my head against the wall, jumping from one “program” to another and basically flushing more time and money down the toilet.
Losing my job made me act in desperation because I wanted to make something happen right now.
So, I ended up doing what a lot of people do, which is looking for a shortcut and something “quick” or “push button”…which is not realistic because it doesn’t really exist.
Then in 2012, I joined Wealthy Affiliate because it had the tools and resources I needed all in one place, to help me build an online business.
Fast forward to 2020, I joined The Home Business Academy to add even more great tools and resources to my online business arsenal.
I now use both of these resources to increase my income.
I enjoy making money online because I can work from anywhere and on my own schedule, while still being able to take care of my health.
You Can Do It Too
So, why do I tell you all of this?
I share all of this with you, so you’ll know it’s possible to make money online and have total freedom from the 9-5 grind.
It takes time to build an online business, but it’s worth it to build either a side-income to supplement your full-time job or replace your job.
If you have found yourself in a similar situation to me or you simply want to get ahead of things and plan for the future, your goal going forward should be to not waste any more time.
Whether you love your job or hate your job, it’s always a good idea to have a Plan B to supplement your income or replace your income.
You never know what can happen with your job or even with your health.
Don’t waste time, like I did.
Just get started and keep going.
Do not dabble.
Take action now.
And most importantly, believe in yourself.
You can do it!
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