When you get into the whirlpool of debt, you feel like you'll
never get out again. Which is true unless you stop getting
into debt or "stop debting" for just one day. So says
the philosophy behind How to Get Out of Debt, Stay Our of
Debt and Live Prosperously, a book by Jerrold Mundis
based on the tenets of Debtors Anonymous. (Bantam Books, 257
pages, 1990)
Having read this book, I am, as of this writing, eight days,
which is one week and one day, into recovery. One week and
one day in which I haven't charged anything to my credit
card, charged anything to my supermarket account, written a
check or taken out money on my bank card for which I haven't
put money in, borrowed from a friend or taken anything on a
payment plan. And it feels wonderful!
The book stresses the endless ways in which we can and do get
into debt. (Debt isn't something like a mortgage or any loan
taken on collateral.) And the only way out is to stop "one
day at a time."
The book claims, and I believe it, that if you stop debting,
make a spending plan (as opposed to a budget) and commit
yourself to paying all your debts concurrently a little bit
(even a dollar) at a time, and change the psychological
thought processes and habits that got you into debt in the
first place, you'll get out of debt, stay out of debt, and
live prosperously.
The book lists a number of mindsets and tools that I've
mentioned here previously, but the crux of the book is:
"Just for today, one day, do not incur any new debt. Not
one.
* Don't borrow $2 from a friend.
* Don't accept a service you plan to pay for later.
* Don't take a loan from the bank.
* Don't charge anything on your credit card."
The idea is to do this for one day, every day. This
method, by the way, works for any addiction or bad habit.
I figured while I'm suffering, I might as well go all the way
and in the last week, I've lost weight and gotten my house to
look neater. It's easier to do anything for just one day.
The above is not enough, of course. You really do have to
read the book and follow its principles which are based on
spiritual truths. In the last week, I've had an unusual
amount of unexpected freelance work every day, received two
checks, one for an amount more than I expected, and didn't
panic when the bank called because I had checks to deposit.
AND, I've started paying off debt. If you commit yourself to
paying your debts, money will come to you.
How can you possibly do this?
The author gives suggestions on how to renegotiate debt, how
to pay your debts, how to devise a spending plan that allows
you to meet all your needs and obligations and how to be
creative with getting and spending (or not spending money).
And, most importantly, how to act with integrity, keep your
commitments and avoid the endless spiral into the morass of
debt.
An article I glanced at recently informed me that 70% of all
Israelis are in debt. So you're in good (or rather bad)
company. I strongly suggest this book as the practical tool
for getting out of debt. Although the author thinks that his
principles come from other places, many actually have Jewish
sources, like: Anyone can afford to give; Don't worship money
or what it can buy; and, of course, Focus on what you have
and be happy with it -- that's wealth.
One of the perks of this system is that it's anti-self-
deprivation. On the contrary, Mundis tells us not to cut any
area in our spending that we enjoy or that contributes to our
personal growth. In other words, you don't cut your therapist
or your shiur, your parenting group or your exercise
class.
I don't want to give away too much of what's in the book
because 1) you really have to read it, b) that would be
infringement of copyright which would be stealing, which is
another form of debting which is the hardest to pay back. (I
can quote up to 250 words so I think I'm okay.)
Without debting, get a copy of this book (I asked a friend to
buy it) and start following it all the way to the debt-free
zone.
On a closing note, anyone who's debted can not- debt.
The proof of this is that even people who take things on
credit have certain limits. For example, you might charge a
hundred shekel dress but you would probably never charge a
thousand shekel dress. You may take a vacation on credit but
you probably wouldn't stay at a five-star hotel or take the
Presidential Suite. That shows that you already do have some
upper limits, some ceiling limiting how high you'll go. All
you have to do now is lower the ceiling.
Good luck. Remember, you CAN do it, just for one day...
Debtors Anonymous in Jerusalem (English) 02-679- 1082; 02-
673-7626. To contact Debtor's Anonymous in England, call:
0207-644-5070.
