I've got an $8000 debt and feel like I'm stuck - Help!

50 replies
hey,

over the past few months I've somehow managed to rack up a nice $8000 debt on my credit card.

At first when it was $2-3k I was positive about it and knew that's nothing and I can make 10x that money easily - no worries morris. Unfortunately since my parents discovered my CC bill, they've been on my back with the limiting beliefs and scarcity mentality BS. For the first few weeks I simply laughed at their fears, but a few months have gone by and now not only has my debt multiplied but I've been sucked into their scarcity mentality crap.

Everyday now I'm thinking about my debt and feeling bad about it (yes I watched the secret and I know that's precisely what you shouldn't do). I've almost finished my semester exams and so am ready to start working on my business at 100% again soon where I know I can earn enough money to repay the debt easily.

Unfortunately the last 6 months have been terrible for me earning an average of $20/day (compared to a hot streak of $250-$450/day for a few months last year).

If anyone has been in my position and gotten themselves out of it, I'd love to hear your story. I need a bit of motivation atm feeling a bit down with this debt on my back.

Anyway it's all good cos it'll be gone soon!
#debt #feel #stuck
  • Profile picture of the author Jeremy Kelsall
    What were you doing when you were hitting $250 - $450 a day?
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  • Profile picture of the author Michael Silvester
    Hi Mate,

    Gotta stay positive man!

    Tell me...what has changed since you were making $250-$450 per day?

    Take Care,

    Michael Silvester
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  • Profile picture of the author sashagilberg
    When I was making $250-$450/day I had a great affiliate campaign until that niche fizzled out. I haven't been able to find a campaign as good as that since. The truth is I haven't put in much work for these 6 months I've also been busy with uni and jumping from project to project.

    I've learned my lesson about focus from this and for my next project I'll be focusing on 1 thing at a time!

    Now I'm trying to decide which project to pick...

    - create an info product following Guru mastermind course
    - CPA affiliate campaign on Azoogle or neverblue(never done one before, but I reckon I've got good PPC experience to be successful in this)
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    • Profile picture of the author Josh Gould
      Originally Posted by alexgilberg View Post

      Now I'm trying to decide which project to pick...

      - create an info product following Guru mastermind course
      - CPA affiliate campaign on Azoogle or neverblue(never done one before, but I reckon I've got good PPC experience to be successful in this)
      Why not follow the same thing you were doing last time? Why start from scratch?

      Personally I'd get out of debt doing something I know, without question, I can make money with... then take on a new project/money making scheme.

      What are you doing right now to average $20 a day? Replicate and scale!

      5 websites/campaigns making $20 per day = $100 per day x 30 days in a month = $3,000 per month. $8,000 debt divided by $3,000 per month = debt free in 3 months. And who says you have to limit yourself at 5 websites/campaigns or even the $20 per day per site/campaign limit? Exactly!

      Just remember... eggs... basket... don't put all in one.

      You know it's easy, just do what your signature says and take massive action.

      Best of luck.
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    • Profile picture of the author imehe
      First thing cut cost; in this case cut unecessary expenses. Second focus on another affiliate program that will generate same amount of return or more. Seems like you have fiqured this last part out only lacking the decipline to get it done. You did it the first time you can definetely do it again. imehe
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      • Profile picture of the author karunnt
        I hate to sound redundant but I would focus on what you know you can do even if it may not bring in as much as you would like.

        1) Take that knowledge that helped you earn $450/day and sell it to some other people. Maybe that niche is gone but you learned something that can be applied to other niches so sell that expertise.

        $8000/$40 = 200 copies

        OR

        2) Also why know write about how you are making $20/day. A lot of people are not making that so a small ebook on that may be worth $20.

        $8000/$20 = 400 copies
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    • Profile picture of the author Bobru
      Originally Posted by alexgilberg View Post

      When I was making $250-$450/day I had a great affiliate campaign until that niche fizzled out. I haven't been able to find a campaign as good as that since. The truth is I haven't put in much work for these 6 months I've also been busy with uni and jumping from project to project.
      So basically, you just didn't rinse & repeat, right? Seems to me, if you have no real focus in a new direction, go back to the one that worked before and put in a little work to what you already know how to do....

      Maybe you could write a WSO about making $250-$450/day on a single (?) affiliate campaign. I would imagine that once you get the rinse & repeat thing down, lots of people here would be interested in how you did it....
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  • Profile picture of the author David Hooper
    Two things come to mind when it comes to your mindset...

    1. You've made $250-$450/day, so you know it's possible. That's a huge plus.

    2. You asked if anybody else could relate to your situation...

    Every entrepreneur I know has been in debt at one time or another. Take a look at "Pitchmen" on the Discovery Channel. Everybody they feature is in debt...until they hit it big.

    If you believe it in, keep at it. Don't quit five minutes before the miracle.
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  • Profile picture of the author kayvee
    I would a little more long term as well. Build you base. Brand yourself if you are building a business.

    Get a blog.. preferably your name, and begin building your list.

    Or set up a squeeze page, offering a free video or report showing a condensed version of how you made up to $450 a day. Also create a full video course or membership site where you teach your methods. This is where you give them the step by step method.

    And as you build your list, each person will be exposed to the free course as well. Once you have a list, you can also promote similar products...even if they are not your own.

    But get out of the "I need to make this money fast" mentality.

    Peace brother

    Koorosh
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  • Profile picture of the author Tristan Lee
    I have a question...

    Are you allowed to borrow more money from the bank? I know that question might seem stupid if you're already in debt.

    But let's say if you borrowed another $8,000 knowing that you would get $16,000 back, would it be worth it?

    I would actually want to know from you or others if this was a possible solution, since 8K may seem a lot, but "a lot" is just whatever you think is a lot.

    So my point is, perhaps borrowing more money and having a solid plan absolutely knowing that you would get your money back might help... I'm not suggesting this because it is your responsibility and your money, but I'm just putting it out as an option.

    Afterall, people like John Reese were $100,000+ in debt and Donald Trump was $900,000,000+ in debt before they recovered.

    I wish you the best of luck.

    Tristan
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    • Profile picture of the author sashagilberg
      Originally Posted by Tristan Lee View Post

      I have a question...

      Are you allowed to borrow more money from the bank? I know that question might seem stupid if you're already in debt.

      But let's say if you borrowed another $8,000 knowing that you would get $16,000 back, would it be worth it?

      I would actually want to know from you or others if this was a possible solution, since 8K may seem a lot, but "a lot" is just whatever you think is a lot.

      So my point is, perhaps borrowing more money and having a solid plan absolutely knowing that you would get your money back might help... I'm not suggesting this because it is your responsibility and your money, but I'm just putting it out as an option.

      Afterall, people like John Reese were $100,000+ in debt and Donald Trump was $900,000,000+ in debt before they recovered.

      I wish you the best of luck.

      Tristan
      I tried getting a balance transfer and a loan, but because I am a business owner with a small income of only $19k after tax in 2008, I was rejected last week.

      The banks can't understand that you can easily jump from $19k to $100k in this industry very fast. Oh well their loss :p
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  • Profile picture of the author sashagilberg
    Thanks for all the support, it's helped increase my business confidence and got my motivation right back up. I'm excited. You guys and gals are awesome!
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  • Profile picture of the author Adrian Cooper
    Originally Posted by alexgilberg View Post

    hey,

    over the past few months I've somehow managed to rack up a nice $8000 debt on my credit card.

    At first when it was $2-3k I was positive about it and knew that's nothing and I can make 10x that money easily - no worries morris. Unfortunately since my parents discovered my CC bill, they've been on my back with the limiting beliefs and scarcity mentality BS. For the first few weeks I simply laughed at their fears, but a few months have gone by and now not only has my debt multiplied but I've been sucked into their scarcity mentality crap.

    Everyday now I'm thinking about my debt and feeling bad about it (yes I watched the secret and I know that's precisely what you shouldn't do). I've almost finished my semester exams and so am ready to start working on my business at 100% again soon where I know I can earn enough money to repay the debt easily.

    Unfortunately the last 6 months have been terrible for me earning an average of $20/day (compared to a hot streak of $250-$450/day for a few months last year).

    If anyone has been in my position and gotten themselves out of it, I'd love to hear your story. I need a bit of motivation atm feeling a bit down with this debt on my back.

    Anyway it's all good cos it'll be gone soon!
    Staying positive is easier said than done, but the most important thing is do not worry.

    Because I am in self-improvement and related subjects I receive numerous emails from people needing help - some even suicidal - and I give them as much of my time as they need.

    Credit card and other debt is a major issue.

    First of all as I said - do not worry.

    The more you worry about debt, the more you will attract - plain and simple.

    Obviously you cannot completely forget about it, but just do not worry - that is crucially important.

    If you cannot afford the monthly repayments, contact the card companies and explain your situation.

    You will need a good story, so tell them you are a poor student doing your final exams, and later you will be able to repay all your debts.

    You should be able to negotiate nominal payments of a $1 per month, and they should freeze the interest.

    It is crucial to communicate with the card companies - they are generally very helpful.

    With those worries out of the way you can focus on IM to get back on track.

    The power of the Mind is infinite. Success in life is always 90% Mind, 10% application.

    The reason why a very few IM'ers make millions with ease while the majority struggle is because of their mindset - that is it.

    So you must get yourself back in to the making money mindset.

    I don't know what IM you specialise in, but from the IM perspective there are plenty of warriors that can advise you including myself.
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    • Profile picture of the author Jesus Perez
      Originally Posted by alexgilberg View Post


      Unfortunately the last 6 months have been terrible for me earning an average of $20/day (compared to a hot streak of $250-$450/day for a few months last year).
      If you were using Clickbank, try changing your affiliate account hoplink.

      When I was your age, I had around 9K in debt. I contact a company back then called CCCS. I went in at the recommendation of a friend and CCCS contacted my credit card companies, had my rates dropped from 20% to 4% and put me on a payment plan. 2 years later I was fully out of debt and I've never gone back. I tried Googling CCCS but I found 8 different companies so I can't tell you exactly where to go for that. Seems like these debt consolidators are everywhere nowadays. Back in the mid 90's there weren't many.

      Next, those interest rates will hold you back. Focus on getting them lowered so your payment go farther towards lowering your balance.

      Finally, for consistent income, don't forget about the WSO and "services". People pay for copywriting, banners, bookmarking....anything. An extra side gig doing simple services can go a long way while you build products on the side.
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      • Profile picture of the author Andyhenry
        Originally Posted by BlueSquares View Post

        If you were using Clickbank, try changing your affiliate account hoplink.

        When I was your age, I had around 9K in debt. I contact a company back then called CCCS. I went in at the recommendation of a friend and CCCS contacted my credit card companies, had my rates dropped from 20% to 4% and put me on a payment plan. 2 years later I was fully out of debt and I've never gone back.
        Those companies charge you for doing the same thing you can do for free.

        It's just that many people in debt panic and want someone else to sort it out.

        You can call CC companies and get them to freeze interest or reduce interest rates just by telling them that you're struggling financially and need to work out a way to pay them.

        Andy
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        • Profile picture of the author Jesus Perez
          This is true, Andy. I didn't know that back then (I was 19 and I think it was ~1994), but I do recall there was $15 fee per payment. I eventually stopped paying CCCS after a few months and started dispatching payments directly to the CC companies. Never heard from CCCS again.

          One thing they did give me was relief that I had the monster under control. For a 19 year old, it was a great feeling. Paying it off was an even better one.

          Originally Posted by Andyhenry View Post

          Those companies charge you for doing the same thing you can do for free.
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  • Profile picture of the author TwitterTwit
    Alex, sounds like you're focussing on the debt. What you focus on expands. The issue of debt is getting bigger and bigger. Your parents are helping you keep focussed on the debt by nagging at you. Here's what I suggest. Focus on abundance. Focus on what you need to do in order to unleash the almighty cashflow. See it, feel it and smell the money you'll make. What you focus on expands. Keep focussing on the money you'll make and the way to make it will follow. Hope this helps.
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    • Profile picture of the author Jillian Slack
      Originally Posted by TwitterTwit View Post

      Alex, sounds like you're focussing on the debt. What you focus on expands. The issue of debt is getting bigger and bigger. Your parents are helping you keep focussed on the debt by nagging at you. Here's what I suggest. Focus on abundance. Focus on what you need to do in order to unleash the almighty cashflow. See it, feel it and smell the money you'll make. What you focus on expands. Keep focussing on the money you'll make and the way to make it will follow. Hope this helps.


      I agree.

      Don't dwell on the debt. Don't think about it every day, all day long.

      Think about the money-making and progress, and it will be what snowballs.
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  • Profile picture of the author Chris Drinkwater
    Alex.... I was going to tick you off for running up a debt like that on a credit card for petesakes you know the interest rates.... However you have a tremendous opportunity here... Get your mind focused on the fantastic report you are going to publish as soon as you get out of the hole.... HOW I PAID OFF MY $8000 CREDIT CARD BILL IN X WEEKS etc etc. If you focus on the debt in a positive way like that you can feel EXCITED about it... go get em kid.
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  • Profile picture of the author ikontent
    The only question I have is - how did you run up the $8K debt?

    If it was paying for ppc / traffic or such (i.e. related to your IM activities), take a good hard look at your model, and your tracking & stats.

    On the other hand, if it was just living it up - others have given you good advice, I don't have anything better to say.

    Go for it.
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  • Profile picture of the author Thomas
    Originally Posted by alexgilberg View Post

    Unfortunately since my parents discovered my CC bill, they've been on my back with the limiting beliefs and scarcity mentality BS. For the first few weeks I simply laughed at their fears, but a few months have gone by and now not only has my debt multiplied but I've been sucked into their scarcity mentality crap.

    Everyday now I'm thinking about my debt and feeling bad about it (yes I watched the secret and I know that's precisely what you shouldn't do). I've almost finished my semester exams and so am ready to start working on my business at 100% again soon where I know I can earn enough money to repay the debt easily.
    Alex,

    What you see as them being "on your back with limiting beliefs and scarcity mentality BS" is more likely just parents worrying about their child, as all parents do, even when the "child" is an adult. I'd imagine they think you're in way over your head.

    And, to be honest, it sounds like you probably are; it sounds like you stuck your head in the sand for the past few months, wishing the problem would go away by itself. The fact that "The Secret" has been presented again and again in a "magically think all your problems out of existence" way probably doesn't help but, at the end of the day, it's your fault and it's not "all good"... the interest payments on an $8,000 credit card debt must be pretty big, and will only get bigger the longer you hold it.

    Have you talked to your parents about it? It sounds like you didn't react too well to them being "on your back" about it but have you discussed it calmly and rationally with them?

    If they're in a financial position to do so, an interest-free loan from them would be preferable to an ultra-high-interest CC debt. If the $20/day you're earning right now doesn't include living costs, you could give it to them (your parents) and pay off your debt (to them) in little over a year. That may seem like a long time but consider it a learning opportunity (in how not to do things and, more importantly, the fact that blood is (much) thicker than water).

    That said, if you're about to finish your exams, and can re-gain focus on (actual) money making, it probably won't take a year. If your parents aren't in a position to give you all the money, what about part of it? Explain to them what you plan to do to pay it off. Even if they could only give you $1,000 (as an interest-free loan), it would postpone the pressure for a while. Of course, that isn't ideal, but is still preferable to your current situation.

    Whatever you do, talk to your parents: It won't be easy to admit you need help but most parents won't hesitate for a second to help their children in any way they can, even when those children are now adults. I'm certain your parents won't be any different.

    Finally, even if they aren't in a position to help out financially at all, just talking to somebody (in person; not over a computer screen) will help you feel better and more positive about things, more than you can imagine. (Always remember that you only owe creditors money; you don't owe them your mental or physical well-being.)

    Tommy.
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    • Profile picture of the author MaskedMarketer
      Originally Posted by alexgilberg View Post

      you can easily jump from $19k to $100k in this industry very fast.
      the opposite is also true.
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      • Profile picture of the author Intrepreneur
        I've never made it past a few dollars per day and I'm arounf 3X that in debt although I always only ever concentrated on SEO I think it's time to move onto something new. Especially considering I have a lot of tools at my disposal.

        There's a cool WSO I'm waiting to get my hands on and then I should get things done faster.
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        Started this stuff 2009. Time is what will teach you the skills you need.

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        • Profile picture of the author 1mauigirl
          Originally Posted by Intrepreneur View Post

          I've never made it past a few dollars per day and I'm arounf 3X that in debt although I always only ever concentrated on SEO I think it's time to move onto something new. Especially considering I have a lot of tools at my disposal.

          There's a cool WSO I'm waiting to get my hands on and then I should get things done faster.
          Ummmm ... maybe you won't like this but jumping into 'another thing' will not help things get done faster. Find your focus! Stay there and do not jump into the next best thing. That will help you get things done faster than anything.
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  • Profile picture of the author Andyhenry
    Hey Alex,

    I feel your pain......

    At one point in my IM career I was $100k in debt and it took over my mind.

    I'm also a life-long student of psychology and success so I too knew that mindset was wrong while was in it.

    I was losing sleep, feeling anxious all the time and feeling like my goals for my life might just be me kidding myself that I was special and really I was destined to struggle.

    All of the advice I got about dealing with my debt at the time was - "declare yourself bankrupt - it's the only way. The laws have changed, it could all be gone/written-off within a few years".

    Although the people giving me that advice thought they were right - it was fundamentally opposite to my mindset. I didn't want to get 'out' of the debt I just wanted a way to manage it so I could pay it back.

    In my case my debt was from frivilous spending by me and my ex, so I had no-one to blame for it but myself.

    The problem I had was that (as I'm sure you can imagine) I started to mentally attach myself to it. It was 'MY' debt. Once I heard myself talking like it was part of me and using it as an excuse for why I couldn't be successful ("If I didn't have this debt I could.........") I realised something had to change.

    In my situation I had a decent job at the time but only made enough to cover the basic payments on the debts, so I was going nowhere fast.

    I was watching TV and something reminded me that if I asked God (or the Universe) to make me brave - it would probably give me the opportunity to BE brave rather than just the quality.

    So I decided that the debt was my opportunity to BE successful at making more money than ever before, with the up-side that when I succeeded and the debt was gone - I'd be making more money than ever before but have no debt sucking it all away.

    That's where I am now. The debt has gone and I look back and think of it as the key to my opportunity to learn how to make more money.

    Since you've already been successful you have a massive advantage over many people in IM - you KNOW it's possible. That makes a huge difference in how you follow-through on your plans.

    If I said to everyone "I'll show you a plan that 'might' make you $100k" not many would take it seriously. If I said "I'll show you a plan that WILL make you $100k" - the difference would be massive.

    That one word makes all the difference - and it's on your side.

    Everything around you was bought by someone - your PC, your chair, your clothes, your food, the carpets - everything! There's a LOT of money being made every minute of every day.

    You KNOW that $8k is a small amount for one of your 'mediocre' successes so you KNOW it's just a matter of time before the Universe puts things back as they should be.

    The only issue is that while your mind has debt in it - there's no room for prosperity.

    So, while it's perfectly normal for your parents to warn you away from the dangers of online money - they don't really understand like you do what's possible.

    Don't hold it against them and don't kick yourself for being sucked in to that mindset.

    You're only human - these things are great lessons for life.

    Just remember that you're not stuck with your past, you just need to control what you think of now.

    If it makes it any easier - associate your online projects with bills/debts so that whenever you're working on one - you know which debt is being attacked by the results of it. It'll also make you more aware of how effective you're being and to track your results by what matters (sales).

    Good luck with it - not that you need it.

    Andy
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    • Profile picture of the author Adrian Cooper
      Originally Posted by Andyhenry View Post

      Hey Alex,

      I feel your pain......

      At one point in my IM career I was $100k in debt and it took over my mind.

      I'm also a life-long student of psychology and success so I too knew that mindset was wrong while was in it.

      I was losing sleep, feeling anxious all the time and feeling like my goals for my life might just be me kidding myself that I was special and really I was destined to struggle.

      All of the advice I got about dealing with my debt at the time was - "declare yourself bankrupt - it's the only way. The laws have changed, it could all be gone/written-off within a few years".

      Although the people giving me that advice thought they were right - it was fundamentally opposite to my mindset. I didn't want to get 'out' of the debt I just wanted a way to manage it so I could pay it back.

      In my case my debt was from frivilous spending by me and my ex, so I had no-one to blame for it but myself.

      The problem I had was that (as I'm sure you can imagine) I started to mentally attach myself to it. It was 'MY' debt. Once I heard myself talking like it was part of me and using it as an excuse for why I couldn't be successful ("If I didn't have this debt I could.........") I realised something had to change.

      In my situation I had a decent job at the time but only made enough to cover the basic payments on the debts, so I was going nowhere fast.

      I was watching TV and something reminded me that if I asked God (or the Universe) to make me brave - it would probably give me the opportunity to BE brave rather than just the quality.

      So I decided that the debt was my opportunity to BE successful at making more money than ever before, with the up-side that when I succeeded and the debt was gone - I'd be making more money than ever before but have no debt sucking it all away.

      That's where I am now. The debt has gone and I look back and think of it as the key to my opportunity to learn how to make more money.

      Since you've already been successful you have a massive advantage over many people in IM - you KNOW it's possible. That makes a huge difference in how you follow-through on your plans.

      If I said to everyone "I'll show you a plan that 'might' make you $100k" not many would take it seriously. If I said "I'll show you a plan that WILL make you $100k" - the difference would be massive.

      That one word makes all the difference - and it's on your side.

      Everything around you was bought by someone - your PC, your chair, your clothes, your food, the carpets - everything! There's a LOT of money being made every minute of every day.

      You KNOW that $8k is a small amount for one of your 'mediocre' successes so you KNOW it's just a matter of time before the Universe puts things back as they should be.

      The only issue is that while your mind has debt in it - there's no room for prosperity.

      So, while it's perfectly normal for your parents to warn you away from the dangers of online money - they don't really understand like you do what's possible.

      Don't hold it against them and don't kick yourself for being sucked in to that mindset.

      You're only human - these things are great lessons for life.

      Just remember that you're not stuck with your past, you just need to control what you think of now.

      If it makes it any easier - associate your online projects with bills/debts so that whenever you're working on one - you know which debt is being attacked by the results of it. It'll also make you more aware of how effective you're being and to track your results by what matters (sales).

      Good luck with it - not that you need it.

      Andy
      I am thanking Andy for this response because it is one of the best I have seen here and I know, beyond any doubt, he is 100% correct.

      The only difference between millionaires and people heavily in debt is mindset - that's it.

      If you do not believe that you will never be a millionaire - or even free.
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  • Profile picture of the author mikemcmillan
    I second Chris Drinkwater's reply. If you could think of your debt as an asset, an opportunity to leverage the elimination of your debt into a product showing others how to eliminate such a debt in 30 days or so--I think you would have a real winner on your hands.
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  • Profile picture of the author SolomonHuey
    Without going into too much detail, I've owed a sizable debt in the past, paid everything off through Internet Marketing within a year, and am now comfortably earning a living online paying all my bills in FULL.

    I know, not too inspiring a story, but I completely understand where you're coming from, and a little debt is definitely NOT the end.

    Solomon Huey
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  • Profile picture of the author Tyrus Antas
    Do you want to be a salesman or an entrepreneur? Do you want to build other people's business or your business?

    Tyrus
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  • Profile picture of the author wmd
    $8000 in just the past few months? what the heck were you buying?

    The key here is to cut unneccasary expenses. If you live with your parents still it should be a little easier for you than others... spend a lot of time working on bringing your income back up to $200 a day or even $50 a day and you can get out of debt if you do it right.

    One thing that bothers me... you were making $250-$400 a day yet only netted $18k last year? That does not give me a lot of faith in the internet marketing field.
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    • Profile picture of the author Kay King
      Though I agree the debt shouldn't be your only focus - I think you need to understand the debt before you can be effective in getting rid of it.

      How was that debt created?

      Here's the point you need to seriously look at - when you were "earning $250-450 a day" - were you running up your debt then??? If so, you weren't really earning that amount.

      Though you are worried about the debt, I don't see a change in mindset about it. You label your parents as "limiting mentality and scarcity belief BS" - rather than seeing it as practical advice for living within your means.

      You mock the bank for "can't understand that you can easily jump from $19k to $100k in this industry very fast". What the bank sees is high risk and they're saying they don't believe YOU can do that 19k to 100k fast.
      It's not their loss - because they won't make the loan.

      Other than that I agree with Andy and others who say you can't focus on the debt. But before focusing elsewhere you need to understand that debt and how you got there - and stop adding to the debt today.

      You cannot borrow your way out of debt. Take a clear look at what got you into the debt - work with your creditors to create a payment plan. Then move your attention to earning money.

      It's a hard lesson - but you can get past it.

      kay
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  • Profile picture of the author Amy Bass
    I would NOT spend money on PPC right now. I would work with free advertising. Possibly blogging and/or article marketing until you get your debt paid off. Adding more debt WONT help.
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  • Profile picture of the author marcus passey
    You know I am around $30,000 in debt and it is taking over my life,god knows how I accumulated it.
    Maybe a combination of my first wife leaving me in debt after out divorce and bringing up three kids on a crap wage are some reasons to blame.
    That is why I am here to primarily get outta debt, I have made just under $100 so far and due to this great forum and some of the wonderful Warriors on here maybe just maybe I will one day climb out of debt.
    I am taking action and hope to keep taking action I will not give up untill my resources are spent.

    cheers

    Marcus
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  • Profile picture of the author Daniel Brock
    Originally Posted by alexgilberg View Post

    hey,

    over the past few months I've somehow managed to rack up a nice $8000 debt on my credit card.

    At first when it was $2-3k I was positive about it and knew that's nothing and I can make 10x that money easily - no worries morris. Unfortunately since my parents discovered my CC bill, they've been on my back with the limiting beliefs and scarcity mentality BS. For the first few weeks I simply laughed at their fears, but a few months have gone by and now not only has my debt multiplied but I've been sucked into their scarcity mentality crap.

    Everyday now I'm thinking about my debt and feeling bad about it (yes I watched the secret and I know that's precisely what you shouldn't do). I've almost finished my semester exams and so am ready to start working on my business at 100% again soon where I know I can earn enough money to repay the debt easily.

    Unfortunately the last 6 months have been terrible for me earning an average of $20/day (compared to a hot streak of $250-$450/day for a few months last year).

    If anyone has been in my position and gotten themselves out of it, I'd love to hear your story. I need a bit of motivation atm feeling a bit down with this debt on my back.

    Anyway it's all good cos it'll be gone soon!
    Alex, I can relate to the way you feel when you first didnt look at it seriously. I had the same mindset - like oh who cares im putting $2000 on my card right now...i'll make that back really fast when im making thousands a day off my internet businesses.

    Its almost like a defense mechanism or something - or a way of making you think less of the debt you are about to take on. I have had the same mind set after my hosting busines became very successful - for awhile i was living large, buying all the crap I wanted without a 2nd thought.

    Fast forward years later I am slowly building up debt but am now well on my way of clearing it out.

    What I suggest you do is forget about it and just start working your butt off online. Just do all the free methods until you get your debt off....then go from there.

    Just dont sit around creating threads on forums about it...or overly worry about it or else you will make yourself sick
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    • Profile picture of the author Intrepreneur
      Alex you are lucky to be in such a great career path because you have the power to say bye bye to that $8000 debt very qucikly.

      I'm in debt at least 3-4 times that I'm not sure, mines all GBP around 22k..

      This is why I will not let lie my skills I have learned.

      And neither should you.

      John Reese is a perfect example of what can be done, for me I should have got this done faster, but I found an old thread tpday after all my rampant posting and annoying warriors, that helps make John Reese's reboot your brain more powerful.

      Something i'll be putting into action come tomorrow.
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  • Profile picture of the author Sheryl Polomka
    Why not write a report on exactly the steps you took to make you $250 a day. While you're writing about it put those steps into action again - with another niche if the old one isn't working anymore.

    Then put your report up as a WSO.

    Hopefully when you put the steps back into action yourself you will be earning good money again and you might also earn some by selling your report.

    If it's really good you could even put it on Clickbank or something and get some affiliates promoting it for you.
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    • Profile picture of the author Kyle Tully
      Originally Posted by Sheryl Polomka View Post

      Why not write a report on exactly the steps you took to make you $250 a day. While you're writing about it put those steps into action again - with another niche if the old one isn't working anymore.

      Then put your report up as a WSO.

      Hopefully when you put the steps back into action yourself you will be earning good money again and you might also earn some by selling your report.

      If it's really good you could even put it on Clickbank or something and get some affiliates promoting it for you.
      Who says that $250 a day wasn't a fluke?

      If he hasn't been able to replicate it himself yet, then why on earth should other people pay good money for the "system"?

      There's enough one-hit-wonder products out there that just don't work, we don't need another one.

      My advice: Figure out what made your initial success and REPLICATE it. Figure out how to make it work for yourself. Then scale and automate it. And only then sell the "system" to anyone else.
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      • Profile picture of the author Sheryl Polomka
        Originally Posted by Kyle Tully View Post

        Who says that $250 a day wasn't a fluke?

        If he hasn't been able to replicate it himself yet, then why on earth should other people pay good money for the "system"?

        There's enough one-hit-wonder products out there that just don't work, we don't need another one.

        My advice: Figure out what made your initial success and REPLICATE it. Figure out how to make it work for yourself. Then scale and automate it. And only then sell the "system" to anyone else.
        Well, basically your 'advice' was what I said to do. I didn't just say to write the book but said to put the steps into practise himself while writing it.

        If he has been successful before and if it was a good business model (I don't know if it was or not but if it was) then do it again. I'm just suggesting that if it is a good business model and if he can take those steps again and make it work then why not write a book about it.

        I guess if it was a fluke and he can't replicate it then there is no point him writing a report on it - I agree. But if it is something that worked and will work again then I think that's where he should start.
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  • Profile picture of the author Sheryl Polomka
    Oh and stop using the credit card!!!
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    • Profile picture of the author iw
      Hey,

      Understand your situation! I guess many of us are/were in the boat of debts before/now. Given that I'm in your situation, this is what I will do.

      Problem: Need to settle the credit card debt quick.

      Reason: I need quick money to prevent the interest eating up more on the credit card debt.

      How: I will flip blogs/websites for quick cash.

      For the meantime, you have to reduce your credit card spendings and only keep those that you need everyday. Cancel the unnecessary memberships! This is what I do.
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  • Profile picture of the author OSContent
    I think Josh makes a good suggestion: stick with what you've done successfully and scale it up if possible. This might not mean continuing with the niche that gets you $20/day, but if you have skills and a business plan that once brought in $250-450/day, you can definitely re-apply that strategy to scale up your current earnings. Once you're in a position where you can service your debts, then try something new.
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  • Profile picture of the author Gabe77
    Stop using your credit card and start increasing your income. It may take more of your hours to bring in more money on the table but for now, you gave to make sacrifices and adjustments to get yourself out of debt. I've been in the same situation myself and I couldn't get a good night's sleep just thinking of all the debts I owe. I have to stretch myself a bit to pay off my debts. It was tough but I have to do it.

    You can do it, Alex. You've done it before. No reason to fail now. Good luck.
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    • Profile picture of the author Oosha
      I agree with the others who said not to get into anything new right now. I made the same mistake of trying to do something other than what I was making good money with, in an attempt to repay my huge debt overnight. It just doesn't work that way!

      Here's what I did:

      1. Got back to what was making me money.
      2. Managed to get a private loan with the help of a close friend and got rid of the credit card debt. The interest rate I pay now is less than half of what I was paying the credit card companies. I've even started repaying a little each month.

      See if you can get a loan with less interest rates and get back to what was making you $250/day.

      Oh, and I got rid of all my credit cards and just have one. For the first time in years, I sleep well now.

      You can do it with a little planning. Worrying over it will only make matters worse.

      Good luck!
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  • Profile picture of the author sashagilberg
    thanks for the advice and support everyone, it truly helps and I'm more motivated than ever to kick ass!

    For now I've transferred one of my cards from 18% to 11%. The next step will be to increase my income by putting in some solid work and getting my hands dirty.

    When I begin working full time in a week from now, I should be able to pay it off within a month. I'll let you know how it goes.
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    • Profile picture of the author Valorie
      My mother had to help us out with some bills last week. Tonight I told my husband "I'm going to give her so much money she's going to ask me if I'm selling drugs." You are so right, as are many of the posters here, mindset is so important in business, and in life. You are already ahead of the game just by knowing that.

      -Valorie
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  • Profile picture of the author derekwong28
    To put it into perspective, $8000 debt is not that much of an amount at your age. Many college and university graduates are saddled with several times that amount in debt before they have even started their first job. Morover, any mortgage would be much more than that. Although 11% is quite a high rate compared to a mortgage. One must remember that people have mortgage rates much higher than this in the past.


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  • Profile picture of the author edwellman
    Hey good luck man. You'll be all right, I know what it's like to worry about debts but it'll all work out in the end.

    Concentrate on what you know for now, that's the benefit of being in your position. You can experiment when you're in a more solid position.
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