Use The 4 Keys of Consistency to Get Out of Debt (2024)

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By Jason Cabler on 15

Use The 4 Keys of Consistency to Get Out of Debt (1)

When you're getting out of debt, it can be difficult because you're doing something new. You're changing habits, changing your mindset about money, and learning a new way of living. But when you're making all these changes it can be really easy to let some of your old habits and ways of thinking creep back in.

Change is hard.

That's why you have to learn the keys of consistencywhen it comes to getting out of debt.

To Get Out of Debt Takes Firmness of Character

One definitionof consistency is “the firmness of constitution or character”.

When you finally make that life changing decision to get out of debt and stay out, you begin an exercise in character building that will take you to a new and better place in life.

You are building a firmness of character that will change more than just your financial situation. It will serve to build you up in other areas of life as well.

The 4 Keys of Consistency

So what does being consistent look like when it comes to getting out of debt? I believe there are 4 traits to consistency that result in successfully achieving freedom from the bondage of debt:

  • Having patience and continuing down the good path you're on, even though results are not coming easy. It means being relentless about getting out of debt no matter what stands in your way. You will NOT be denied!
  • Consistency means taking the long view. Changing your habits and mindset for a time and then returning to your old ways just doesn't work. You have to change your habits for good.
  • Consistency means getting back on track when you have a setback. Obstacles will always stand in the way when you try to do something worthwhile. To be consistent, you have to take the setback in stride, work your way through it, and continue on.
  • Consistency means staying the course even when others don't believe in what you're doing. Friends and family may make fun of you because you have to sacrifice some things in the short term while you're getting out of debt. You can't let the unbelievers drag you down and keep you from your goal. Ironically, these will be the same people who will ask you how you did it once they see you in the obvious prosperity that comes with debt freedom.

Consistency Changes Your Life

When you learn and then put into practice these keys to consistency while you're getting out of debt, you will find that that consistency will spill over into other areas of your life as well.

Consistency helps you learn to be disciplined and diligent in the completion of any goals you have for your life.

It's like the constant pressure of the Earth's tectonic plates pushing against each other for eons that eventually forms a great

Use The 4 Keys of Consistency to Get Out of Debt (2)

mountain range.

Or the consistent flow of the Colorado river that carved the Grandest Canyon in the world.

Just a little consistent pressure over a long period of time will change your financial life forever.

Consistency will cause you to win, period!

Question: Do you think there are any other traits of consistency that I didn't list here? Tell me what you think by leaving a comment

Resources:

The Top 10 Lies About Money That Keep You in Debt

Creating a Get Out of Debt Mindset- 4 Tips

Top 10 Money Myths That Keep You in Financial Bondage

Debt vs. Ownership- How to Create an Ownership Mentality

Eliminate Debt By Telling Yourself a New Story

How Do You Get Out of Debt Part 1- Get Mad and Naked

Relentless People Get What They Want

Reader Interactions

Comments

  1. Use The 4 Keys of Consistency to Get Out of Debt (3)Laurie says

    Love this, Jason. We have learned more about consistency than we ever wanted to during this first year in our attempt to be debt free, but I have to say that, despite the struggles, learning to be consistent has really improved our lives in general, as well as financially.

    Reply

    • Use The 4 Keys of Consistency to Get Out of Debt (4)Dr. Cabler says

      Consistency just means you have to keep plugging along toward your goal without letting up. Eventually, you reach your goal because you’ve been chipping away at it for so long. The cool thing is that those good habits end up translating into other areas of your life as well and having good effects there as well.

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Use The 4 Keys of Consistency to Get Out of Debt (2024)

FAQs

What is the main takeaway from step 4 of destroying your debt? ›

Step 4: Know Your Cash Flow

Knowing what's coming in and what's going out gives you an informed vantage point so you can make adjustments.

How to pay off $20k in debt fast? ›

Use a debt consolidation loan

With a debt consolidation loan, you borrow money from a lender and roll all of those debts into one loan with a single interest rate. This allows you to make one monthly payment rather than paying multiple creditors.

What are the 5 C's of debt? ›

This review process is based on a review of five key factors that predict the probability of a borrower defaulting on his debt. Called the five Cs of credit, they include capacity, capital, conditions, character, and collateral.

What are 3 ways to eliminate debt? ›

How to get out of debt
  • List out your debt details.
  • Adjust your budget.
  • Try the debt snowball or avalanche method.
  • Submit more than the minimum payment.
  • Cut down interest by making biweekly payments.
  • Attempt to negotiate and settle for less than you owe.
  • Consider consolidating and refinancing your debt.
Mar 18, 2024

What's the smartest way to get out of debt? ›

Debt snowball

The snowball method of paying down your debt uses your sense of accomplishment as motivation. You prioritize your debts by amount, then focus on wiping out the smallest one first. When you've paid off that, you roll that payment into the amount you're paying toward the next smallest, and so on.

How to get out of debt fast? ›

Tips for How to Get Out of Debt Fast
  1. Lower your expenses. Once you've made your budget, go through it line by line and see where you can cut back on your spending. ...
  2. Increase your income. Think of your income as a shovel. ...
  3. Cut up your credit cards. ...
  4. Know your why. ...
  5. Take Financial Peace University.
Apr 27, 2024

What are four 4 ways you can reduce your credit card debt? ›

  • Using a balance transfer credit card. ...
  • Consolidating debt with a personal loan. ...
  • Borrowing money from family or friends. ...
  • Paying off high-interest debt first. ...
  • Paying off the smallest balance first. ...
  • Bottom line.

How to go from debt to rich? ›

Here are seven of the best:
  1. Debt Consolidation. Servicing multiple debts is costing you way more than you need to pay in interest and fees. ...
  2. Making Your Savings Work Harder. ...
  3. Better Cash-Flow Management. ...
  4. Borrowing To Create Wealth. ...
  5. Using Lump Sums Wisely. ...
  6. Debt Recycling. ...
  7. Invest In A Geared Managed Share Fund.
Jul 24, 2023

How do I plan to clear my debt? ›

Pay off your most expensive loan first.

By paying it off first, you're reducing the overall amount of interest you pay and decreasing your overall debt. Then, continue paying down debts with the next highest interest rates to save on your overall cost.

How to wipe credit card debt? ›

Filing for Chapter 7 bankruptcy could discharge (forgive) all of your credit card debt. However, bankruptcy should only be considered as a last resort option due to the lasting damage it will cause to your credit. Bankruptcy will remain on your credit for up to 10 years after the filing date.

Is there a debt relief program for credit cards? ›

There aren't any government-backed credit card relief programs, so any claims otherwise are likely scams. While you are unlikely to have the debt completely forgiven, it may be possible to work out a lower payment plan, have the company write off a portion of the debt or lower your interest rate for a set period.

How long will it take to pay off $2000 in credit card debt? ›

If you can pay $100 a month, it might take you 25 months to pay off the debt. If the card has the same APR but an annual fee of $100, it might take 29 months. And if you can pay $300 a month for a 20% APR card with a $100 annual fee, it might take you 8 months to pay off $2,000.

What is the proper order to eliminate debt? ›

Pay minimum payments on everything but the smallest debt. Throw as much money as possible toward the smallest debt until it's paid off. When it's gone, roll what you were paying on that debt into the payment on your next-smallest debt until you knock it out too. Repeat until you're completely debt-free!

What is the first step in getting out of debt? ›

5 Steps to Getting Rid of Debt
  • Set a goal. All successful projects start with a clear goal. ...
  • Make a list of your current debts. In order to get rid of your debt, you need an accurate and complete list of the debt you have. ...
  • Gather additional information on debt repayment. ...
  • Make a plan. ...
  • Stick with your plan.

What are the stages of debt recovery? ›

  • > Debt Recovery Process.
  • Debt Recovery Process. When collecting a Commercial debt there are four main steps that we need to go through. ...
  • The Four Steps of Debt Recovery.
  • Step One: Letter Before Action. ...
  • Step Two: Legal Action. ...
  • Step Three: Judgment. ...
  • Step Four: Enforcement.

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