Being deep in debt seems to have all too many people chained to jobs they don’t want to be at. This is a question from one of my readers in that situation.

Q. I’m currently at a crossroad in my life. I have a full time job that I’m not happy at and I feel like I don’t have enough time to spend with my family. The problem is that I don’t see a way out as I have a lot of debt that needs to be paid off. I’d like to create an internet business for myself that will allow me to have more time with my family, help pay off my debts and create more financial freedom in my life. How can I create more confidence to be able to do this?

A. This is a challenge that seems to be on the minds of many. I have been asked this question numerous times by people who are either facing downsizing in their current position or simply wanting to create an additional source of income. The first and most important step is to get clear on your current financial situation so that you can develop an action plan. Often, when you feel “stuck” and unable to see the forest through the trees, it’s easy to lose perspective on what’s real. In order to gain clarity, you will need to list not only your total debts owing but the money you’ve got coming in as well as going out each month. This will allow you to see your numbers in black and white so you can determine if there’s any room to restructure your current financial situation. It’s when we don’t write the numbers down that it’s easy to get vague about how much money we actually have or don’t have available to us. With regards to your debts, if you haven’t already, you will need to put a debt elimination plan in place. Depending on the amount of debt you’re carrying and whether you are behind in payments, there are a number of debt relief options to consider. These include debt consolidation loans (mortgage refinance, home equity line of credit or unsecured personal loan), consumer credit counseling and debt settlement. If you are experiencing difficulty in staying current with your debt repayments, you can research these options to see which one would be the best fit.
With regards to starting an internet business, you need to ask yourself the following questions:
• What interest or hobby do I want to turn into a business?
• What kind of need is there for the product or service I want to offer?
• What are my skills for starting such a business?
• Who do I know that can help me launch this business?
• How much will it cost me to start and run this internet business?
• How much additional income do I think I can generate?
• Will this provide me with the freedom to spend more time with my family?

As you can well imagine, starting a new business will consume your time, energy and resources, especially up front. However, the rewards can be many and if it will allow you to spend more quality time with your family and allow you to perhaps enjoy your current job more, it may well be worth your efforts!

DON’T let the buden of overwhelming debt keep you from doing what you want to do in life - it’s just not worth it. If you have debt you know you need and want to get rid of, it’s time to look at your options on how to get this done. Go to www.debtreliefoptions .com to find out what’s available to you.

Be sure to email me your questions on getting out of debt and building great credit at coach@debtfreediva.com

Knowledge is power and it’s important that you have all the facts so you can make educated decisions around your finances!

Dee Dee Sung
Founder, Debt Free Divas, Inc.
From Self Worth to Net Worth
www.debtfreediva.com

coach@debtfreediva.com

When dealing with debt, stay calm and try to focus on the positives. If you are digging yourself into a hole, month after month, the simple solution is to stop digging. The real estate market in most places throughout the Country has created equity in peoples’ homes. Looser lending practices has also made it easier to borrow as much as 10% more that what your home is worth. But is consolidating all of your debt into one monthly payment the answer? Here are some things to look at when considering a debt consolidation loan:
…continue reading the article titled Debt consolidation loans - Good or bad for you?