Get Out of Debt Support Groups: How One Can Help You

January 22, 2014

debt support groupsWhen you are trying to do something big and life-changing, you often need support. It’s difficult to make the big changes in your life if you feel that you are on your own. One of the biggest changes you are likely to make is the decision to get out of debt. Without support, though, you can quickly fail in your efforts.

Creating a ‘get out of debt’ support group can really help you improve your financial situation and keep you on track with your goals. As you put together your plan for getting out of debt, don’t forget about your debt support group.

Family and Friends

The first people you should turn to are your family and friends. Your immediate family is especially important.

If you are trying to get out of debt, you need the help of your life partner as well as your children. If you have a life partner, your first task is make sure that you are on the same page. You both need to be on board with getting out of debt if you want to live a debt-free life. Once your immediate family is on board, you can let your parents, siblings, and other family members know about your debt reduction efforts.

You should also let your friends know what you are doing, and what you are trying to accomplish.

True friends will want to help and encourage you. When you let your friends know that you are trying to get out of debt, they will understand if you want to enjoy frugal alternatives, like having a game night at someone’s home, rather than going out and spending a lot of money. They will also understand if you are not interested in big gift exchanges and other expensive activities.

Online Support Groups

If you are having trouble finding support from those that are closest to you, it can make sense to look for support groups online. There are a number of websites with forums designed to help you get out of debt. ReadyForZero and CareOne are communities that can help you find like-minded people who can give you the encouragement you need to stay on the right track.

Finding those who understand your efforts and interests can be integral to your success in getting out of debt.

Accountability and Encouragement

One of the reasons that it’s important to have a get out of debt support group is that it provides you with accountability. When you tell others about your plans, you are putting yourself out there – asking others to help keep you accountable for your actions. When you know that you will have to face your family, friends, and online support group, you are more likely to stick with your plan and try to make it work. You will work harder to succeed when you know that you will have to face those you respect and love.

Your get out of debt support group can also help you find encouragement. They can provide you with helpful tips and hints, as well as encourage you to keep with your efforts. When you are discouraged, and thinking of giving up, a kind and helpful word from someone in your support group can renew your resolve. Additionally, your support group gives you people who can work with you. If you are all doing something together, and working toward the same goal, you feel less alone, and you know that you have help when you need it.

Few of us can succeed at something as big as paying down debt on our own. Finding a support group can keep you focused. They’ll help encourage you to build the characteristics you need to get out of debt.

Do you have a get out of debt support group? How have they helped you? Leave a comment and tell us where you’re at in your debt reduction plan!

This article was originally published January 7, 2013.

Last updated by .

Miranda

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Miranda
Miranda writes about personal finance almost every day. An experienced freelance writer, she's covered your money online and in print from every angle and is always looking for new ones.

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3 Responses to Get Out of Debt Support Groups: How One Can Help You

  • Janie Bell

    I am debt-free with the exception of my mortgage and I accomplished this with the support of my fellow attendee’s of Dave Ramsey’s Financial University. This program worked for me… It is amazing home liberating being free of the chains of debt can be! It feels wonderful!

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