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Is there really such a thing as a debt free life? For most people the answer is no. The only way anyone can have a totally debt free life is if they’re lucky enough to always be able to pay cash for everything they need. And, few people are that lucky.
It just isn’t feasible to believe that you can stay out of debt forever. But, what is feasible is that you can keep debt from getting out of hand. One of the main problems with loans and credit cards is that they meet an immediate need. And, if you’re getting what you need right now, you often don’t consider the consequences.
If you’re like most people and can’t pay cash for everything you need, then you should consider saving for the item. This generally isn’t possible with things like a home or vehicle, but smaller priced items can be purchased with cash if you just have the patience to save a little each payday.
If you’ve already been living in a “pay later” lifestyle too long, you do have several options. While bankruptcy should be considered a very last resort, debt management should be one of the first options that you consider. It’s one of the easiest ways to repay your debts and get as close to debt free as you can get.