For every dollar the average Jamaican earns, more than half goes to debt, according to a report by the Bank of Jamaica in 2016.

Now the year 2017 is almost gone, and given the current debt owed by the nation and its citizens, it is important to formulate a plan of action to reduce the consequences of loans.

That said, this is not your typical financial planning solution of save more and spend less. Not at all. According to Elizabeth Terry, neurolinguistic programming (NLP) coach, you have to think yourself out of debt.

Behavioural economics has always found a correlation between how people spend money and how they feel about money, and therefore to say it all begins in the mind is an accepted practice.

So Terry offers three ways that people can free themselves of the burden of debt and grow their wealth.

Debt is produced by a scarcity mindset.

Terry explains, “The scarcity mindset is the belief that there will never be enough. Consequently, when you operate from this perspective, you are operating from a space of lack. You cling to everything you have because you fear that if you give it up or give it away, you will not get more.”

The scarcity mindset also leads to poor decision-making.

Terry explains that if you think there is never enough, there will never be enough, and so you will make foolish decisions. She explains, “Examples of poor decisions are: not paying bills on time, including making credit card payments (they have very high interest rates) and being late with mortgage payments! Because the scarcity mentality is rooted in fear and in lack of self-worth, it can also result in being averse to making the kind of investments that can help make you wealthy, like some of the investments we have been talking about on this show, because who knows when you’ll need that cash to pay for some unexpected emergency?”

So the question is, how can you change this mindset to one of abundance? Terry offers these three tips:

1) Develop the practice of ‘gratitude’ for everything that you actually do have in your life…even and including your current debt!! It is there to help you learn just how wealthy you really are — you truly have all the resources necessary to not only pay off your debt but to be prosperous!

2) Change your language, and use the language of prosperity! Instead of saying “I cannot afford it”, say “I have other priorities right now” or “I choose to use my money for other things that are more important to me.” Remember, you get more of what you focus on! Where your attention flows, your reality goes!

3) Release ‘stuff’ from your life that no longer serves you. Yes, that includes clearing our your closets, your cupboards and getting rid of your emotional baggage. Start with clearing up your physical space, and you’ll be surprised how liberating this actually is!