Updated: Aug 16, 2021
How to Pay Off Loans and Bills to Get Out of Debt
From an early age, we’re taught to use debt to finance the things we want. We use debt to finance our home, our car, our education, and even to finance other things like our taxes, child support, parking and speeding tickets. Some debt can be beneficial to help us meet our day to day needs, but not all debt is good debt.
In the book, Confessions of an Economic Hitman, John Perkins shares several stories on how debt is used to control people. This book explores the question, “How do you get rid of bothersome rulers and keep supposedly independent countries and their resources under control without sending in the Marines?” Once upon a time, military force was the quickest way for governments to assert their power over other nations in order to secure their interests. However, as more and more governments improved their military power, economics became a much easier and more subtle way of controlling others without going to war.
After dodging the draft for the Vietnam War, Perkins landed a job as an “Economic Hit Man” (EHM) with a company called MAIN, using economic analysis (and a number of other strategies) to control leaders of other countries. For example, the United States wanted to control Indonesia’s oil resources. So, the U.S. provided infrastructure loans with provisions that would allow the U.S. to create jobs for the United States, and secure America’s interest in Indonesia’s oil resources.
The moral of the story is, overleveraging yourself with debt can put you in a position of weakness, and you could end up losing more than you gain.
So, what can you do to pay off loans and get out of debt?
Most people start with debt consolidation as a way to make their debt more manageable. But there are other ways to reduce your debt and stay on track.
Educate yourself on your options: Educate yourself on ways to reduce and avoid debt. The Dissolve Your Debt Manual is one resource people are using to overcome and eliminate debt and gain financial freedom without going bankrupt. Click the image below to learn more about the Dissolve Your Debt Manual.
Monitor your debt routinely: Software like Mint.com allows people to track their income and expenses, loans, and other financial data all in one secure portal. However, putting yourself on a schedule can be difficult. That’s why people use software like Monday.com to help keep them on track. Click the image below to learn more about Monday.com.