I am sure that you have scoured the web and read every book that is debt themed. I certainly know that I have my fair share of researching days when I was working on paying off my debt. I would suck up all the information like a sponge. You can really get lost with all of the opinions about how to pay off your debt. There’s the snowball method, the avalanche method, snowflake method, saving while paying down debt, investing while paying off debt, and many more. It can cause your head to spin.
Following The Experts
There are many well-known financial experts that tout their personal finance ideas and philosophies. Many of them are very good at what they do, but what makes them experts? Easy question to answer. We do!
The people that follow them and listen to their advice are what makes them “experts”. There is no organization out there that certifies anyone as an expert. It is up to the populous.
The one thing that I find troubling with many experts is that they provide a one size fits all approach when they tell people how to pay down debt. Their advice is usually backed by basic financial principles, but they forget about one, tiny aspect. Personal situations.
When you blanket a large percentage of people with one approach, you will probably have a mass acceptance rate. You try to find something that will work for most people, but then you forget about those that it won’t work for. The problem then comes when those that don’t fit into the mold. They will try the principle and then fail. The reason is that they have a different situation than others. We all do.
Do What Works For You
Here is the best advice I can give anyone trying to get out of debt. Do what works best for you and your current situation. You will hear many opinions on how the best way to pay down debt is, but those are just opinions. I have my opinion on it and another person has a totally different one. That is OK. One size fits all approaches are not as effective as a personalized approach.
If you are in debt and looking for answers, then start researching. Look to see what other people have done. Then after researching and finding viable options, pick which one will work best for you. Don’t think that this way is the only way or that way will only work, because that is just not true. There are always alternatives to doing something. Don’t let anyone else tell you that options don’t exist, because they usually do.
I was recently in a situation where I had multiple options to deal with a purchase. I chose to get a loan, because it was the best option for me. I had quite a few people notify me by email that I was making a poor financial decision. What they didn’t realize is that I was making the perfect decision for what I was dealing with at the moment. Their “one option” is a good financial practice, but it doesn’t fit with everyone’s situation. It just goes to show that you are still the one that has to make the final decision.
You will always hear differing opinions from all over the place when it comes to money and specifically, debt. Paying off debt is a problem that so many face. This brings a lot of different opinions on how to do it the right way, but it is only right if it works for you. Debt repayment is hard, but you only make it harder if you don’t create a plan that will work with your situation.
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