This is the last post in our series of 9 steps for setting a New Year Resolution to pay off debt.
Again this year, Reducing Debt is the top New Year’s goal, with up to 56% of Americans estimated to set a goal to get out of debt in 2009. Wow. That speaks loads about the economy and our mindset. So remember that you’re not alone this year if you’ve committed to working down debt.
In our series of posts on setting
a New Year Resolution to reduce debt, we’ve covered basic steps you can take to get out of debt. We’ve discussed how you can set goals, come up with a plan, and enlist the support of others in paying off debt.
Ultimately, successful debt reduction depends on a lot more than just coming up with payment schedule. You have to put all the pieces in place to have success. Without support of your friends, for instance, you will have a hard time changing your habits. Without getting everyone in your family aligned behind the goal, moving the needle will feel like herding cats. And without a good tracking system, you’ll never get the feedback to know if you’re succeeding.
Surrounding yourself with good things, brings good results almost by definition. Here are our top 9 steps for building out a successful New Year’s Resolution to pay off debt:
- Stop using your cards
- Get organized
- Set family priorities
- Get SMART. Set SMART goals for debt reduction
- Make a plan
- Simplify for success
- Tell your goal to others
- Ask for support
- Track your progress
In closing, remember that 65% of people who profess to have a goal to reduce debt never put a plan into place. Just by creating a plan to deal with your debt and starting to track your success, you’ll be significantly more likely to achieve lasting results on your goal. We are proud to have created DebtGoal.com which incorporates all of these elements.
Hope you have a great 2009 and have success in your goal to reduce debt.
Scott Crawford is CEO of DebtGoal.com, a do-it-yourself system for getting out of debt and lowering your interest costs. DebtGoal.com incorporates all of the techniques discussed in this post and can help users understand and get visibility to and manage their debt finances.
Tags: Consumer debt, debt, debt elimination, debt organization, Debt Paydown, debt payments, debt plan, debt problems, debt reduction, debt simplification, debt-free, DebtGoal, New Year resolution, New Year's, New Years goals, SMART goal
