Change Your Thoughts, Change Your Spendingby Tim Manni
That’s the advice in this well-written NY Times article that notes that large amounts of debt is more than just a spend-less by-the-numbers issue:
Ditching debt requires dealing with the emotional underbelly of owing money, and coming to terms with a culture that has serious debt addiction issues. Getting out of debt can feel like a battle — because it is one, on many fronts.
I’m not referring to mortgage loans here, but to the peculiar stickiness of credit card debt. At least “sticky” was the word that kept popping up in my mind, during the five and a half years that my husband and I struggled to pay down $30,000 of combined debt. And there is some evidence that debt, once you’re in it, tends to persist.
The best line in this article:
[C]arrying credit card debt for months or years is a red flag signaling that you can’t afford your life.