Dont Let The Good Times Bury You

It is vital to get rid of debt while things are going well. Yet the opposite is usually the case. Human nature is such that when we find ourselves living in good times, we let down our defenses. With our lives going great we seem to make the worst decisions. It's not hard to understand why this happens. We believe things will always be better in the future, "When I'm done with school, When I get a better paying job, I'm sure I will get that promotion."

With this attitude, that extra lump sum of money, or the raise at work, is used as a springboard to increase your personal debt. After all you can now afford better this, bigger that. You assume in your linear view of life that tomorrow will take care of everything. You don't become concerned with your debt load, until you no longer can make the payments.

When you begin to feel the squeeze of debt, you want some quick fix to get you out of trouble. Unfortunately there are no quick fixes for debt that will leave you (or your credit report) unscarred.

But why should it be any different from other areas of your life? If you know a food will give you heartburn you take a pill and, "presto," you may eat any thing you like. If you can't find time to exercise, just take a pill and watch those pounds melt away.

The economy is built on the same "I want it now," principle. If you want an item, you just whip out the plastic. You need it now. You will figure out later how to pay for it. When your plastic can take no more, you want out of debt in an easy way. You begin looking for the magic pill. Unfortunately the drugstore closed a long time ago.

A woman, who I know casually, had no problem taking on more debt because she saw herself able to handle the extra payments. She reasoned, if everything remained the same she could handle the drain on her income. So she bought some expensive gift items on her cards and began making the monthly payments.

She found out rather quickly she could not see into the future very well. Her car gave out on her. The repairs exceeded the value of the car. She needed one for work, so she bought another.

The new payment wiped out the tiny cushion she had each month and also made it impossible to pay on her credit cards and store accounts. Today she finds herself hounded by her creditors and unable to pay them anything.

What she should have done, and what you should do, is pay off your debt while you can and not take on any more. Whatever extra you have each month should be applied toward getting out of debt in a systematic way. Until you are debt free, you should order your life to make it a top priority.

Life's pressures are more easily handled without money worries dogging you. Then when those big promotions, with those big raises come along, you will be trained to put some aside. And without debt to take care of, you can. The goods times then, truly, will be the good times.

(c)2004 David Wilding

David Wilding has worked with individuals and groups to help them get rid of debt. He has, for the past ten years, attempted to change attitudes toward and the acceptance of personal debt. Visit his website http://www.debtattack.com for more ideas, tools, and strategies to make yourself debt free.

---

Debt Settlement -- Why the Critics Are Wrong

After October 17, 2005, a lot of people are going... Read More

Your Ticket Out of Debt Relief

If you are in debt over your head and wondering... Read More

A Debt Elimination Process Must Be Initiated From You.

The first and maybe most important step in a debt... Read More

Debt Problems? You Can Negotiate With Your Creditors

It is always possible to negotiate with creditors ? even... Read More

How To Get Out Of Debt

If you have found yourself in a position where you... Read More

Take Careful Consideration Before Filing Bankruptcy

Filing bankruptcy is not fun! It is a last resort... Read More

Corporate Debt Management ? Perspective on the Why

Entrepreneurs have a tough time in their formative years. They... Read More

Future Secured? Oh Really?

A headline for a retirement annuities flyer declares "Future Secured!"... Read More

Budgeting and Debt Management

Debt management (specifically unsecured) is the first step to taking... Read More

Is There A Way Out Of Your Debt Problems?

Do you have multiple debts? Do you have just one... Read More

Bad Credit Home Loan To Get You Out Of Debt

A "bad credit home loan" can help you climb your... Read More

Reducing Debt Before Its Too Late - How to Avoid the Pitfalls of Creeping Debt

Reducing debt usually isn't a high priority for people until... Read More

The Debt Free Lifestyle

Many people have been taught that you cannot get ahead... Read More

Benefits and Drawbacks of Bankruptcy

Outlined below are some of the benefits and drawbacks of... Read More

Pay Off Your Student Loans and Reduce Your Debts

Financing a college education is one of the more expensive... Read More

Bankruptcy: Which Chapter Do I File?

There is more than one kind of bankruptcy. You should... Read More

Turning Bad Debts into Good Debts through Investing Fundamentals

If you've ever earned enough money to put some aside,... Read More

Purchase Your Future Now While It Is Still Inexpensive

Leaving school, getting a new job, or even a raise... Read More

How Do You Spell Debt Relief?

Of all the problems possible in a marriage, finances cause... Read More

Bankruptcy Your Best Bet?

Filing bankruptcy is a common practice among the U.S. Over... Read More

The Simple $10 Debt Elimination Solution

Ask a friend what resolutions they made for 2004 and... Read More

Bankruptcy Interest Increases as Deadline Approaches

Congress recently passed sweeping legislation that will significantly reform American... Read More

Bankruptcy Reform: Designed to Protect Big Business

Who will benefit from the new bankruptcy reform laws? The... Read More

The Last Debt Solution Should Be Bankruptcy

A debt solution like bankruptcy should really only be used... Read More

UK Debt When Moving Abroad

The idea of moving abroad to escape debt seems to... Read More