When You Hit Rock Bottom, The View Isn't Very Pretty

CareOne Debt Discussions

The employees of CareOne Services, Inc. understand debt, many have experienced their own personal debt challenges. Learn more about why the employees of CareOne understand what it is like to struggle financially.

When You Hit Rock Bottom, The View Isn't Very Pretty

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No one likes to admit they’re in trouble – especially when the “trouble” is financial. No one likes reaching out to others for help – especially for a financial issue.

 

Many people will continue to spend themselves into oblivion rather than make the sacrifices needed to pay off their debt and build a savings.  Let’s get serious folks; it’s not fun to be broke.  But when you are, you have to make changes in your lifestyle in order to stay afloat.

 

One of my most interesting experiences was participating in a focus group of consumers talking about their debt.  I was amazed at one participant’s attitude.  Creditors were calling her everyday about overdue bills, and she was still planning a lavish vacation for her family.  Was she in total denial? Did she just feel entitled to have a vacation even though her family couldn’t afford it? Did she realize she was putting herself and her children at greater risk for financial ruin by putting their “wants” before their “needs?”

 

Though the focus group was years ago, I still wonder about how this woman and her family are doing.

 

This situation leads me to consider…what does it takes for someone to realize that he or she is in trouble and needs outside help with managing their debt?  Everyone has different thresholds for financial pain.  While one person wouldn’t dream of purchasing anything with a credit card, others will take on thousands of dollars in credit card debt at a high interest rate without thinking twice.   There should be guidelines for consumers to know when their debt has gotten out of their control other than the sick feeling in the pit of their stomach.

 

Guess what folks, that sick feeling and those sleepless nights are important signs that a person is not comfortable with their finances.  Here are some others:

  • When you can no longer afford to pay the minimum payment on your credit card(s)
  • You are consistently using your credit card to buy basic necessities such as gas or groceries
  • If you are consistently late with payments
  • You use your credit card for cash advances
  • If you receive calls from a collections agency
  • You have lost track of your total debt amount
  • You constantly worry about money

 

In order to take action to improve your situation, you must be willing to face the fact that you need to make major changes in your spending habits and be willing to take the appropriate steps to get yourself out of debt – no matter how “un-fun” it is.  

 

Stay tuned to the Debt Diva’s blog to learn about good strategies that can help consumers get out of debt.  Best of all, they actually work!

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  • I agree with your thoughts here.  Sometimes it's tough to admit that you can't afford to buy things, but going deeper in debt to pay for "wants" puts you in danger of pretty soon not being able to afford "needs".

  • I agree with you Fred.  This is so important for young people.

  • I'm looking forward to reading the Debt Divas "strategies that actually work"!

    A lot of times you read articles about savings or budgeting on MSN, or CNN Money that sound great, but they're not geared to somone trying to get out of debt or working on a limited or fixed income.

  • As a young person (23) I have had these struggles.  We have grown up in this age where anyone over 18 can get a credit card, and another, and another, and before you know it - you're in the hole!  We can only blame these banks so much and need to take responsibility.  This credit program is helping me a lot so far, but I still struggle to come up with my payment on time every month.  I went to this website about fixing your own credit and bought one of the products they recommended. It's been working slowly but surley... increasing my credit score a few points at a time.  It's http://concept2.oumark.com.   The program I bought was only $97.  Worth it so far...

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