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Get Out of Debt in 2011!


A common resolution for many is to get out of debt in 2011. This is an important resolution that will affect many areas of your life. Getting out of debt will give you peace of mind and the freedom to do things you may not have been able to before.

Debt can feel like a noose around your neck. The further you get into debt, the worse your condition is, and the more you feel like you can’t breathe. The decision to release yourself from debt is a sound move that will affect you financially and emotionally.

What To Do First

If you have significant debt in many areas, it is important to gather all of the paperwork and put everything in one place. Assess exactly how much you owe and to whom. It may even help to put everything on a spreadsheet so you can track it more easily. Then you can begin to do the following:

  • Call your lenders – Whether you owe money on a credit card or on your mortgage, you can make the effort to contact your lenders at the first sign of trouble. If you wait too long to make contact they may not be willing to help you out of your situation. They are under no obligation to do so but you will never know if you do not ask. There are some lenders who may offer a short-term agreement that allows you to make smaller payments until you get on your feet again.
  • Contact a debt counselor – If you find that you have not made any headway with your lenders then you may need to consult with a debt counselor. These counselors may be able to work with your lenders in order to come up with a suitable solution for all involved. They may help to look at all you owe and move things around in order to give you some breathing room.
  • Look at your money and your debt – Make an accurate assessment of how much money you earn and how much money you owe. You can then track what all of your expenses are to be certain that your resources are being allocated properly. If there are any areas that can use some trimming, you should do so. If your cable bill is impeding your ability to pay your mortgage then you should cancel it.
  • Make a budget – Once you have assessed where your money is going and how much is coming in then you can make a plan about how to spend it. A budget can be very useful and it helps you to keep track of how you are spending your money. It will also help you to make plans for future expenses. If you want to take a vacation, you can plan for it in your budget and not have to put it on a credit card.
  • Make extra money – You may be surprised how being in debt can spur your creativity to find extra money where you would least expect it. You can also search for ways to make extra money to put towards paying down your debt. It may not have to be a second job but you might be able to sell some of your belongings or take on some extra hours at your current job.

Getting out of debt is not always a comfortable situation but it is always worth it in the end. Having financial freedom does wonders for your psyche and it will allow you to make purchases in the future that someone will extensive debt would not be able to do.

This article was written by William from If you’re looking for a home equity loan or variable home loans visit HomeLoanFinder for a range of comprehensive guides and home loan reviews.

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My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.


  1. Budget is the king in this case. Last year we paid off a good chunk of our debt because we had a budget and tried to stick to it. It is not easy but doable. Great post!

    • We’re taking an aggressive budgeting approach this year too. Time to wipe out that debt! 🙂

  2. I read the other day that even wasting $5.00 per day on something innocuous like coffee could end up costing you near six figures over the course of a career if you ad in inflation, the time value of money, etc. Sometimes I think the key is to just stop the little purchases that slowly bleed your finances dry, even more so than not allowing yourself to fall into the trap of unnecessary and depreciative big purchases (of course maybe that is because I fall prey to one and not the other). Here’s hoping we all have great success in budgeting in 2011.

    • I always have to bite my tongue at work when I see my co-workers heading down to the cafeteria twice a day, EVERYDAY! Once for a $5 breakfast, and the second time is for a $10 lunch. If a coffee adds up to 6 figures in your career, $15 a day might be near a million!

      • It is mostly about a lifestyle – not saving $15 a day. they like that type of lifestyle! they go for breakfast and lunch – which is part of their socializing for the day…it is a lifestyle!

  3. I watch Til Debt Do Us Part and it’s amazing how much we really spend on “stuff”.
    On that show, people have to live on cash only and it’s surprising how well most of the couples do.
    I don’t live on cash because I need to use my debit card to get the best interest rates that I can. Although, when I use cash, I do realize how much more I think about buying something because I don’t want to have less cash on hand!

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