No. of Recommendations: 9
One more thought...the naval gazing (so to speak) is the most important part of debt reduction.

The emotional aspects of debt and repaying are, oh, 90% of the process involved in getting and staying out of debt.

Understanding how you get there is a big part of getting a handle on the emotional part. I am not saying you have to beat yourself up about the past. That isn't helpful. But, dispassionate self-analysis really is important.

Lots of people think that the most important part of debt reduction and staying out of debt is how much money you have. If I only made $10,000 more a year...if I just had $X savings... then I wouldn't be in debt.

They are mostly wrong. My husband and I have income close to $300k...but we still had (and have) debt. This time a year ago we owed over $162,000 in credit card debt alone. We had plenty of income. The money wasn't the problem.

The emotional side of it was really everything. Until the emotional part of it changed we weren't making much progress. We aren't perfect now but we have made a lot of headway since then. And the naval gazing was a big part of the progress.
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