Are you Ready to Dig Out of your Financial Mess?

A Straight Talk on Debt

A Straight Talk on Debt gives you the real deal on debt, straight from our employees and personal finance experts. Learn more about debt relief plans and how to be financially fit.

Are you Ready to Dig Out of your Financial Mess?

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Most people say they are but few are willing to do what it takes to complete the task! Joining a Debt Management Plan is a great way to start, but it is not the only thing you can do. Like we discussed in a previous blog “Success on a Debt Management Plan”, enrolling is only part of the success story, there is more that needs to be done.

 

Below are a couple of tips that will help you, help yourself. There isn’t a company you can pay or a service you can buy that will pay off your debt and make you more financially conservative. It is up to you!

 

Believe me when I say I used to be there. I had collection companies calling me and I could not have financed a stick of gum. I am much better now, but I am still digging myself out and it has not been easy.

 

 Stop Making Decisions Based Solely on Emotions

 

Advertisers and retailers count on you basing a purchase solely on emotions, stop letting them! Before you purchase something, as yourself this question: Do you really NEED it? I stress need not wants because too often we get the two confused. Clothing is a great example for this question. You need clothing, you don’t need Banana Republic. Old Navy, Target and Wal-Mart work just as well.

 

Quit Worrying About your Credit Score

 

This is one of the top questions people considering a Debt Management Plan ask. Everyone wants to know how it will affect their credit score. Guess what, it doesn’t matter because you should not be concerned with getting more credit in the immediate future anyway.

 

More debt does not help you pay off what you already have; it only makes your situation worse. Focus your energies on creating a budget and finding a part time job.

 

Stop Blaming the Banks

 

Yes, they gave you the credit cards, yes they raised your rates, and yes they charged over the limit fees…but guess what? You filled out the application, you made the charges, you probably didn’t read the fine print on the back of the agreement because I know I sure didn’t, and you ran up the balance.

 

Deregulation of the banking industry was good and it was bad. The bad part is it put credit cards in the hands of a lot of people who did not really understand what the banks could do. Stop blaming, start paying.

 

Take Responsibility for Your Actions

 

I blamed my problems on everyone else. The sad part is I always had money for other things besides my bills. I made sure I had enough to buy cigarettes or go out on the weekends. I could always just pay my credit card bill late, or my car payment, or my student loan. How many of you smoke? How many of you eat out for lunch every day? How many of you buy lotto tickets or gamble? This money can be put to better use.

Rob Taylor   

Rob Taylor is a contributing author for A Straight Talk on Debt. Rob tells it like it is when it comes to the latest debt industry news and shares his advice on personal finance.

 

 

 

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  • this is SO TRUE that, it should be put on the side of every city bus in the US!

  • I agree wholeheartedly!

  • Totally the banks fault though. Sorry but it is. The great depression, the financial bailout, the corporate monopoly of governments? All made possible by central banking. I say blame the institution of banking. Go credit unions and vote with your dollars people.

  • You have read it a million times on the CareOne website, there is no silver bullet for debt. You have to invest MORE time and MORE effort in getting yourself out of debt than you did getting into it.

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