You can get out of debt without putting your life on hold if you currently have enough money to pay all of your payments and still eat. In fact, I would say that you shouldn't postpone living your life.
There are those that lead a typical existence, complete with highs and lows. They go on wonderful vacations, eat out, shop for gifts, watch movies, and make some changes about the house. Other people also deal with health issues, and car problem, and sometimes job losses.
You might need to boost your income while making sacrifices in areas that didn't mean all that much to you in order to make those things doable — both the enjoyable and the less enjoyable — while still progressively paying down debt. You must also critically abide by the other Truths I've listed below.
You might choose to go slowly but steadily while still having a good time, which turned living without debt into a permanent transformation. That's crucial because living without debt is a way of life, not a passing trend.
That means there is no miracle cure and no pass to get out of debt. No significant limitation is followed by bingeing. There is no "one easy payment," no hurried rearranging of bills, and no combining of debts. Borrowing will not get you out of debt.
To get out of debt may involve changing your spending habits permanently. It entails solely using funds that you already have. Reducing the amounts you currently owe. It is getting ready for the long- and short-term future and living the life that you desire.
You probably think that taking on debt will solve your situation because you are so accustomed to borrowing money in times of need. That's how debt it's sold. Borrowing, however, actually causes debt, which is a more long-term issue than the current, immediate difficulty.
You might not always be able to locate someone to borrow the money from. What happens if you are truly unable to obtain any further loans? What if you have maxed up all of your credit cards and had no other options for financing? With nothing to show for your labors and a mountain of obligations to make, you would be drowning in debt. You would feel hopeless!
Debt is not a solution. It’s a problem. You can choose not to be in debt if you so want. Even when it's a bad or desperate decision, it's still a choice. It can occasionally be a careless decision. The decision is frequently one you justify to yourself as something you "have" to do, for a variety of reasons, many of which are easily fixable and preventable.
If you want to be debt-free, then first thing you need do is to stop borrowing money. You would only use money you already have if you did that. Not cash that you will receive on your next pay day, tomorrow, or as soon as your employer pays you back. Do not spend any money other than what you now possess.
At first, it's challenging and even more so if we have a limited budget. But it is entirely possible and becomes simpler with practice. It gets much simpler after you start paying off debt because less of your money is being spent on debt servicing. It's even easier because you have MORE money at your disposal. A vicious spiral is completely dispelled by this situation.
It's not necessary to pay off your debt in a specific way. Because YOU lead this life, YOU get to decide what's best for it. I am aware that some people don't want to and that others believe debt to be the most powerful tool in existence. That's alright too. When someone claims to know what's best for you but has never experienced even the slightest similar circumstance, don't listen to them. Your life is what you know best.
Simply choose the one that speaks to you, then go forward.