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The First Step to Paying Off Debt Is to Be Honest About It

Debt.

No one wants it yet many, many Canadians and Americans have it.

Most college students graduate from college saddled with thousands, if not tens of thousands of dollars of student loan debt.  Added to that many of them also carry credit card debt. They use credit cards to make ends meet while in college, and well, let's be honest, just to have fun going out with friends and buying the latest clothes.

If you are saddled with debt, the first thing to do is to be honest about your debt. Face up to it and own it. It is your debt, and you are responsible for it. If you feel comfortable, tell a trusted family member or friend about your debt. (I know this is difficult to do, but be honest.  Often being honest and forthright can help you stop accruing more debt.)

The next step is to formulate a plan to get out of debt. If you are in too deep to figure a way out on your own, you may want to work with a debt relief company such as www.debt.ca.  They will tell you if there is a way to get out of debt without filing bankruptcy. They help with debt-settlement but there are certainly debt relief agencies in the United States that can also help you with debt settlement.

After you have a plan in place, know that it may take you several months to years to get out of debt. Remember, your debt grew over a number of years, so it will likely take longer than you would like to get out of debt. Be patient and know that the day will come.

Finally, once you are out of debt (yay!), remember the lessons learned so that you don't go back into debt. Take the time to create an emergency fund. Learn to save for things and have the money BEFORE you buy them. Don't be shy about asking for a raise at work or continuously searching for jobs that pay better.

While you may feel there is no financial hope right now, don't despair. You can get out of debt.


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