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The Real Cost Of Your Debt

By: Gerard Korsten

I want you to take a good long look at your debt. Do you really know what it costs you to be in debt? Are you thinking that you can handle it or is it getting you down?

Once you start really analyzing your debt position and the cost (to yourself) of having the debt, the results can be mind-numbingly shocking.

I've found that debt is a lot like smoking. When you start out, you believe you're in control and you can quit at any time. As the months and the years roll past, this initial belief does not fade away. With every debt you incur, the mantra "I can afford this", repeats itself in your subconscious until you wake up one morning and realize that you're in over your head.

Debt has well and truly caught you in its trap. Debt has become a bad habit.

And just like any bad habit, debt requires as much hard work and discipline to shake. The first step in the process is to acknowledge that you have a problem - instead of turning a blind eye, hoping it will go away or thinking that you'll get around to it some day in the future.

One of the motivators to setting your feet on the path to debt free living is to look at the real cost of that debt. What is it doing to you? Where does it hurt the most?

The Real Cost Of Your Debt

This article uses dollars and is obviously USA centric, however the principles may be applied to all forms of debt, be honest with yourself