It may seem odd to invent a system of freedom and call it The Corset. Corsets are associated with restriction in common speech.
Nevertheless THIS corset will bring freedom. Let me explain.
Paying off debt can be a joyless task. Months or even years of self denial stretching ahead with the promise of freedom at the end of it all. The problem is that the freedom seems so distant that is is easy to lose sight of it all together. What is needed is a system of discipline that is in tune with human nature. Make the system too loose and the debt will never be repaid. Make it too harsh and it will crush the debtor.
My own system is the corset, and for me it has the following advantages. First, it starts very gently. This allows the user to put their affairs in order before it hits will full force. Each month the user will look to their own lives to discover how they may live more cheaply without suffering unduly. Very often this sort of restructuring needs a little money in the bank and this is one reason the corset does not bite too hard at first. The real pain of the corset is saved until the finishing post is in view and this magnifies the sense of achievement!
This is a real example that I am running right now.
I am a security officer- badly paid like all of my brothers. It suits me for many reasons that have nothing to do with money. It gives me plenty of time to think, and I suffer no stress.
Month 1
Debt £2400 (credit card- used to pay for an annual travel card).
Earnings £1100 part time.
Repayments £100.
Actions. Cheaper electricity supplier. Better mortgage deal.
Month 2
Debt £2300
Earnings £1100 pt
Repayments £200
Actions. Attempted transfer of debt to interest free card.
Month 3 (the corset begins to bite)
Debt £2100
Earnings £1400 ft
Repayments £300.
Actions. No more eating out when alone.
Month 4 (the middle part is the hardest)
Debt £1800
Earnings £1400 ft
Repayments £400
Actions. Manage cash flow carefully.
Month 5 (getting a little weary of it all.)
Debt £1400
Earnings £1400 ft
Repayments £500 (very hard)
Actions. Minimum card payments are dropping quickly.
Month 6 (the darkest night before the dawn)
Debt £900
Earnings £1400 ft
Repayments £600
Actions. Make everyday luxuries into incentives for maintaining the corset.
Month 7 (nearly there)
Debt £300
Earnings £1400
Repayments £300
Actions Spend £400 on a holiday!
