1. You don’t have to live like a monk to get out of debt.
If you’ve currently got enough money (in theory at least!) to pay all of your bills and still eat, you can get out of debt without living like a monk.
For example, while we were paying off over $147,000 in debt, we lived a normal life with all of its ups and downs. We took trips to some great places, ate out, bought gifts, went to the movies, and did some home improvements. We dealt with a lot of not-so-fun stuff too, like layoffs, medical issues, and car problems.
To make those things possible — both the fun and the not-so-fun stuff — while still gradually paying down debt, we worked to increase our income while cutting back in areas that didn’t matter much to us. Critically, we also lived by the other Truths I describe here.
Could we have gotten out of debt faster by going extremely frugal instead? Maybe, if we could have stood the deprivation without giving in and slipping back into our old credit-filled ways.
We opted for slow but steady while still having fun though, and that made living life without the use of debt into a permanent change. That’s important, because…