You’ll get by with a little help from your friends!

 

HAVE you ever considered how paying off debt is a bit like dieting?

It all starts off with the best of intentions, but once nobody is looking you’ve got your face stuck in the fridge taking large and cheeky bites out of a chocolate tart.

Weight loss experts are always harping on about how support groups are essential to starting and sticking to a diet. Apparently succeeding in shedding the pounds is not only reliant on yourself, but on a whole host of other people too.

Which is why Weight Watchers is such a success.

The concept of the group is to band together, support each other and most importantly communicate how much weight is being lost. It seems the very idea of having to confront other people with the number of kilos being shed – or not as the case may be – gives even the most slack of dieters motivation to stick to the plan.

Conclusion – it’s much easier to lose weight when you have a support network—so why should paying off debt be any different?

In America, the latest trend in the financial world is a debt support group. And goodness knows, thanks to the recession, there are enough financially crippled people in the States to utilise them.

One such support group is call DebtGoal – an organisation that looks at your debt accounts, monthly income, spending habits, and specific personal challenges (say, a spend-happy spouse). The organisation advises borrowers on how much to pay off all of their bills, month by month, so they can burn their balances as quickly as possible.

Like Weight Watchers, DebtGoal gives you financial “exercises” each month. And fighting debt doesn’t have to be a solo battle – which is why they give you a support group of fellow DebtGoal members.

A homegrown solution to this type of organisation would be to team up with some close friends and family and start your own DebtGoal support Group.

Lay all your debts on the table – don’t lie as you’re only cheating yourself. Then arrange to meet your DebtGoal buddies twice a week and analyse eachother’s progress.

A supportive shoulder and some preying eyes over your accounts could be all that’s needed to whip any financial mess into order.

 

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