It’s painful to struggle with debt. Especially if you clearly know that you are unable to pay it. Your kids get sent home from school, your power gets cut off and you have no food. Worse yet, you soon have that funny feeling that one gets when their items are just about to be auctioned.
Today, around the globe, there are hundreds and hundreds of people struggling with debt. Debt has a way of accumulating so fast that before you know it, you have a group of debt collectors on your doorstep- accompanied by all kinds of suits that can be filed against you!
I was once in the same situation and it was not easy. I had borrowed from everyone I know- from financial institutions, loan sharks, relatives and friends. I owed almost everybody that I knew. And the friends I had, had now turned to enemies.
How it All Started
It started when I took a loan from a Sacco to pay for my fees. My small salary that I used to earn was all used to pay for that loan. I could take nothing home at the end of the month. So how did I survive? I started taking small loans from loan sharks, popularly known as shylocks in Kenya.
Before I knew it, I had accumulated a total of Ksh.200, 000 (USD 2,000) within two years. I was not getting a pay rise at work. I was not doing anything extra to increase my income. The other loan that I had was also getting cleared slowly.
I still worked but most of those days at work were spend thinking of the huge debt that I had accumulated. The worst part was that I had to see the lenders on a daily basis. Fear grew in me. When I could no longer concentrate at work, I resigned. This was my worst mistake ever.
After taking some months off, I came back and looked for the money lenders and had a talk with them. We agreed on a new repayment period that would ensure that they get their cash back, while I got ample time to work on something so that I could meet my end of the bargain.
3 Things You Can Do to Get Out of Debt Quickly (Any Kind of Debt)
I felt at ease after our meeting and started looking for ways on how I could get out of that debt. I was able to think clearly. Below are the three things that I did that got me out of it.
1. Get Employed
Since I had previously resigned from my job, I went job hunting again. I could wake up every day at 4 am so as to be the first at the entrance of a hiring company. Beggars cannot be choosers and at this stage, I was not looking for a job that I had trained for; I wanted something decent that could give me a fresh start.
As if luck was on my side, I got employed to do manual jobs in a security firm. They paid after two weeks; which was comfortable for me. I worked from 6am-6pm. If you are employed, stick to it till you are sure.
2. Start Another Source of Income
I had a passion for writing and I discovered that people earn online too. I hired a desktop computer from a friend of mine, paid for a one month lease of the same and embarked on training to arm myself with the necessary skills. Within one month, I had already mastered few writing skills and I started writing for content sites. I still had my day job, so wrote mostly at night.
It was quite a challenge but I was determined to finish the race. With the two sources, I started paying off my debt. I could raise the agreed amount by the end of the month. With passion, commitment, determination and perseverance, I knew that I could make it.
3. Invest (However Small You Start)
Every day was a challenge but with those challenges also came growth. I mastered the art of writing. My body had adjusted to the day and night schedule and now; it was time to move to number three.
I put aside a small portion of my salary and during the weekends, I could hawk baby stuff- diapers, oil, socks, and second-hand clothes- from house to house. This added something little on my income and it helped go a long way in clearing the debt as well as maintaining an ordinary life.
As I write this now, I am almost through repaying the debt and I intend to save more so that I can invest in a bigger business.
You could be struggling with debt right now, just like I was. There is something extra that you can do. You can start today where you are, put all your energy into it and that debt will be off your shoulders soon.
Sitting and thinking will not help. Start right now with what you have in your hand-your passion- and you will accomplish much.