Being in Debt is a Full Blown Emergency
Everyday we hear how complacency with being in debt lands people in trouble. Debt Agreement Administrator, ‘Ben Paris’ spoke with us about the rising debt issue, and how dire situations can be avoided:
I’m constantly amazed at how blasé people can be regarding their debt. Personal insolvency is not something to “manage”, nor something to get “under control”. Debt is a full blown emergency!
Debt can be like cancer. You don’t want to manage debt, you want to beat debt, destroy debt, get rid of every last bit of it. If you have debt, don’t shrug your shoulders, don’t kick the can, do something today before it becomes financially terminal.
Daily, I talk to people with $50k plus worth of credit card debt, who are getting calls from debt collectors. When I recommend serious action to address it, they will say something like; “I just need a lower interest rate”, or “I just need one payment then I can manage it better”. YOU DON’T MANAGE DEBT! YOU NEED TO DO SOMETHING TO ACTUALLY GET OUT OF DEBT!
Perhaps it’s because they can no longer imagine a reality in which they don’t have debt. In their circle of friends everyone has debt and debt has been normalised. Because of this warped reality in which everyone is up to their eyeballs in debt, they don’t view the debt as the problem. They see it as something they need to get control over so they can get on with borrowing MORE debt, and get on with living their unsustainable lifestyles.
Being in debt isn’t normal; it’s the number one thing holding you back.
What could you do if you were debt free? Quit your job, go on an overseas holiday, work less and spend more time with your family, save up and buy a house? Don’t be normal, if you’ve got debt, do something now!
Still not convinced?
If you think the road to financial freedom is a long hard slog you’d rather avoid, then read the feedback from Debt Mediators clients who have been through this journey themselves. One of the biggest regrets our clients have is that they didn’t take action sooner. Sticking your head in the sand wont make anything better for you. It only benefits the banks by means of late fees and high interest. Learn from other mistakes and seek professional help sooner.
What about the cost to your well-being? When you’re constantly worrying about bills piling up, high interest loans with growing balances, you’re probably having sleeping nights and stressful days looking for a solution that will fix it all. This can manifest itself into a toxic situation where your health and relationships suffer. Some people will turn to credit card balance transfers, or even worse, Payday Lenders to get a quick fix for their money problems. Under the right circumstances those solutions can work, but how many stories do you hear about people that haven’t paid a loan within the interest free period? Next thing they know they’re getting hit with a massive interest rate with no means to pay it off.
There are solutions that will combine your payments, reduce the total debt amount and let you pay back what you can afford. It’s even possible to have a large portion of the total debt amount written off at the end of an agreement term. Avoid trying to fix a loan with another loan until you’ve investigated all your options. There are alternatives that see you making a full financial recovery faster than you think!