If you search the internet on the subject of debt it won’t take long to find someone sounding off about people “ignoring their responsibilities” by declaring bankruptcies and a lot of useless advise about living within your means (this is useless because it’s too late). If you are in a debt crisis situation you need to ignore all of this – feeling guilty isn’t going to help you solve the situation.
Governments all around the world have put in place procedures (like bankruptcy) to help people that find their debts have got out of control another chance. Don’t be put off using them by a misplaced sense of guilt. Instead take action now to help YOURSELF.
1. Total up your debts.
2. Do a proper budget showing your income and outgoings.
3. Seek free help with your debt problem.
Be strong and explore the solutions with your debt counselor/advisor. All the time keep in mind “what solution is best for me and my family”. Do not be tempted to struggle for 10 years or more to repay your debts if there is a better solution. Remember that the companies that lent you money make a lot of money, and that they had a shared responsibility to make sure that the lending was responsible.
Neil
Tags: Bankruptcy, Debt Advice
Leave a Reply