Tuesday, June 30, 2015, AM | Leave Comment
While doing research on the topic of debt, I read a few articles about the nature of debt and how we get into it, sometimes deeper than we had imagined and now it’s out of control for many folks.
Believe it or not, some folks get into debt out of some compulsion that they might not be aware of.
Consequently, we quit working on the important things in our financial lives and raising our standard of living. Instead we choose to get into debt.
You still could stop buying and respond to your debt asking for you to totally eliminate it.
Debt demands intervention from you so that you fulfill its requirements, stop buying extra and start working on debt elimination in your financial life.
You do that for the betterment of yourself and your family.
Fear makes the wolf bigger than he is – German proverb
The phenomenon of spending more than you make may be ingrained in your financial life because of some fears that you may have.
In that case, you must clean out those fears from your life. That would be your first step to take. For that, you are advised to see a psychiatrist.
The obsession with keeping up with the Jones’ will one day kill you financially. Take that kind of fear out of your life.
Many of us are slaves to our spending habits. Some folks just can’t help but buy things they may not need.
There is so much information online about debt and how to get it, some good some not so good, that it is hard to digest.
However, don’t that let you keep buying things. Sooner or later, you overcome your fears and you stop spending more than you make.
Reading information is good but acting on it for your salvation from debt is better.
I can’t believe I ate the whole thing
Start weaning yourself. That means start taking nourishment to your soul from something else, instead of debt.
Substitute your free spending sprees with something that can equally give you satisfaction. There used to be commercial for Alka-Seltzer where the guy would say “I can’t believe I ate the whole thing.” And his wife would say something like “Ya! You ate it alright.”
Remember, you would not need Alka-Seltzer if you consumed less.
Along with believing in “less is more”, include “less is better” in your daily vocabulary.
If you agree that being free of these compulsions would be a better way of living, start moving towards this life.
Don’t make a quagmire of debt in your financial life that you keep putting your feet in.
How to break free from debt
Let’s shed some light on it:
We might seem ignorant about how we should live our financial lives, especially handling debt. Well, educate yourself. Find ways to solve your debt dilemma. Information may be right under your nose. Once you get it, act on it and the sooner the better.
We might miss out on an opportunity because of the debt that is hanging from our neck. We might miss on buying a better house, sending our kids to college. We might miss on investing if we had saved.
Something bad might happen to us if we aren’t informed. For example, we might lose our homes to foreclosure like so many among us have during the last few years.
Handle your debt wisely and fully. If you need outside help, do a thorough research on the company. Many such companies would put you under deeper debt. So be careful in choosing whom you give the task of minimizing and eliminating your debt.
In a Nutshell
See a psychiatrist if you think you have created your debt quagmire out of fear of being left behind financially. But act on it and the sooner the better. Don’t be bashful in seeking help about minimizing your debt.