Wednesday, October 23, 2013

Dealing With Your Own Debt Ceiling

debt, debt ceiling, eliminate personal debt
Though the government shutdown is over, the debt ceiling remains an issue. The deal signed into law last Thursday is causing much confusion. Does the president have the authority to unilaterally increase the debt ceiling? The reality is that the Treasury Department may issue only as much debt as is necessary through February 7. After that, Congress has the final authority for increasing the debt limit.

As the government grapples with handling federal debt, many of us are dealing with personal debt ceilings. No one has an unlimited amount of money to spend. Unfortunately, many people live as if money grows on trees and this leads them to amass a huge amount of debt. Many Americans view debt as a normal part of life. No longer is debt commonly viewed as shameful. Everyone else seems to have it so it must not be bad, right? Wrong!

Personal finance experts tell us that debt should never be considered the norm. Though the federal debt ceiling has been raised more than 70 times in the past 50 years alone, we should not take the same approach with our personal finances. Deferring payments and accumulating interest in the process is not the way to live. Living off of credit may provide temporary gratification but in the end, it causes frustration and stress.

Envision waking up one day and owing no money to anyone. This can be reality but it requires some work. Fortunately, it does not require increasing current income. People just like us have managed to get themselves out of debt simply by changing the way they spend their money. Whether they work from home or for someone else, they are able to keep all of the money they earn.

More people are choosing to eliminate their personal debt ceilings altogether. They are no longer controlled by credit card bills, loan statements, or even student loan balances. Living a financially stable lifestyle may seem like a dream but experts like Dani Johnson make this easy for anyone to do. Workshops, training programs, books, and other materials are designed for people buried in debt who have had enough and want to take action before there is no way out.

Some people believe that the more debt they have, the more difficult the journey to becoming debt-free will be. This is not true because models like those recommended by Dani are designed for people at all levels of debt. Many of Dani’s clients were millions of dollars in debt before using her techniques to become debt-free within several years. They attest to the power of these programs and many now help others realize the same dream.

There is never a wrong time to break through your personal debt ceiling. Learn about proven methods and put them into practice to experience the results first-hand. Let the government worry about its debt issues while you focus on getting rid of yours. Imagine what you can do with all of that extra cash: travel, invest it, or stash it away for a rainy day or the golden years.

*Photo Courtesy of Images Money via Creative Commons License

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