Personal Debt Is One Of The Biggest Problems We Face
There is a saying that, ‘If you always do what you have always done, you will always get what you have always had.’
It is an obvious but useful reminder that if nothing changes then things remain the same. If your situation is that you spend more than you earn and/or your debts are overwhelming then you have to do something and change things
Debt is one of the biggest problems facing us on a daily basis. Yes, the planet is suffering from climate change and we have to do anything we can to reduce the damage or we may all die but that is a different sort of problem that demands inter govermental action. Obesity is a growing problem in the developed world and like debt and credit problems it is something that has been encouraged and supported by big business. Governments are starting to take action to try to deal with the problem before health problems overwhelm the health industry. Debt problems are, however, an accepted problem but not one that governments seem anxious to face up to and whilst there are various organisations that can give advice people do feel pretty much on their own when it comes to dealing with their debt.
Some will say that is the way it should be. ‘They got into this problem so they should get themselves out of it.’ It may be true in many cases but as often as not debt probelems arise from lack of understanding of the consequences or personal disasters like divorce, redundancy and illness and whatever the causes, we are where we are now and have to deal with it.
Consider debt as an addiction. Like any addiction the first hurdle is to recognise the problem. We have become addicted to easy credit and debt. It has become the norm. Unlike previous generations we are not embarassed about our debt but we are concerned about overcoming the problems it brings.
Do you have a debt problem? Ask yourself these questions.
1)Â Do I have any debts?
2) Can I comfortably afford the repayments on the debt that I have?
3) Am I struggling to make the repayments on my debts each month?
4) Would I be ok if I lost my job, my marriage collapsed or I suffered serious ill health?
Few people can afford to ignore these questions and most people would not require a huge chunk of bad luck to find themselves in financial difficulty. We live on a knife edge and try to get the most out of life but that does leave us in a precarious position.
The answer is to prepare for the worst and if things go well life will be sweet but if things go badly at least we will survive. Track your income and expenditure and set up a budget. Reduce your spending, increase repayments on expensive debt. Slowly but surely pay off all your debts. I am not saying it is easy but the rewards of feeling financially safe and secure are enormous.
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I found your site on google blog search and read a few of your other posts. Keep up the good work. Just added your RSS feed to my feed reader. Look forward to reading more from you.
Karen Halls