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The Secret Federal Law
That Lets Anyone
Walk Away From Debt
Without Paying It

Sorry, but

I can't believe how many people come to financial counseling wanting help with becoming debt free, only to leave and never return when they find out there is no easy solution.  Getting out of debt is hard...really hard...maybe one of the hardest things you'll ever do!  

Becoming debt free comes from determination, hard work and time.  

It comes from temporarily making freedom from debt a life's goal.  

It comes from getting to the point that you say "I can't live like this anymore--I won't live like this anymore!  I'll do anything to get out from under this debt!"

It comes from fear...intense fear!  Fear of the next bill that comes in with no way to pay it.  Fear about how your kids will be able to go to college.  Fear of how you're going to be able to make that next mortgage or car payment.  Fear over where you're going to get grocery money.  Fear of how you'll ever be able to support yourself in retirement.  Fear of what will happen if you lose your job. Fear of what will happen to you in a bad economy.  If you're not willing to do whatever it takes for as long as it takes to deal with the crushing weight of too much debt, you're not scared enough yet.  If you aren't willing to make whatever sacrifices in lifestyle it takes for as long as it takes to get out from under debt, you're not scared enough yet.

Being debt free is an unbelievable feeling!  You can afford things other people can't.  You can take vacations that other people can't.  You can buy things other people can't.  You can drive cars that other people can't.  You can deal with financial emergencies that others can't.  You can sleep really well at night when other people can't.  Being out of debt is wonderful; but, it is not easy!  It is really, really worth it, but not easy!

And don't make the mistake of thinking that bankruptcy is the answer.  It is a long, gut-wrenching legal process that will cost you at least a couple of thousand dollars in court costs and legal fees.  In a bankruptcy, the court will look over everything you owe and everything you own, and then decide what you will have to sell to make good on your debts...if the court allows you to declare bankruptcy at all!  Plus, if you decide to keep your house and car after the bankruptcy, you still have to continue making the payments.  Bankruptcy does not allow you to just stop making payments but still keep everything.

If you are looking for the easy answer, if you are looking for the quick fix, if you are looking for a way to be debt free in a month or two then freedom from debt is not very likely to happen for you.  If you're only willing to deal with your debt problems if the solution is fast and easy, then you don't have the tools you need to accomplish freedom from debt.  The tools you need are discipline, determination, sacrifice and knowledge.  The discipline, determination and sacrifice have to come from you--but, the knowledge you need is all right here on Eclecticsite.com's Financial Page.

If you are looking for a quick, easy way to get out of debt, then look elsewhere.  If you think you will get out of debt by finding some secret federal law that lets you walk away from your debt without paying it, then look elsewhere.  If, however, you are to the point that you are determined to deal with your debt problem no matter what it takes, then start with the numbered articles.  Read through all of them in order.  Then, go on to the other articles and read them.  Check out the finance-related books I recommend.  Create a plan for reaching your goals.  Start saving so you can build up the money you'll need to deal with financial emergencies.  Then, follow the steps it will take to become debt free.  

I'm sure that once you are debt free, you'll look back and say that it was really worth it regardless of the sacrifices it took to get there.  And if I'm wrong, then you can always max out your credit cards, borrow all the money you can and put yourself right back into debt. (yea, right!)

Please know that all of the thoughts, information, suggestions and techniques given on this site are nothing more than the author's opinion on the matter being addressed.  Do further research before making any decisions.

This article copyright 2007 by Keith C. Rawlinson (Eclecticsite.com).  All rights reserved.

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