Step 6: Make some tough decisions

Whether it is selling your assets or getting a second job, sometimes you have to make big choices to get out of debt.

What if you’ve gone through the first five steps and you can’t free up enough money to start repaying your debts in a big way? Then you have three choices.

1. You can consider whether the more expensive items in your life—your home, your cars, private schools—are truly necessary.
2. You can go through your home and your possessions to see if there is anything of value to sell.
3. You can earn more money, either on your current job or—more likely—by taking on a second one.

The other alternatives? Credit counselling and bankruptcy—but you’re not there yet. For now, let’s see what you can accomplish on your own.