Calculating At What Time To Press The Panic Button About Your Debts
There is an additional level to what ought to be the purely financial problem of how to handle your credit card debt
. That side has to do with the human toll that carrying that credit card debt from month to month and year to year can have on a human being and on a family. A family's finances are at the foundation of what make the family unit work. The old funny story goes "Money can't buy happiness but it can rent it." And whilst that's cute, money and debt can make the change between a family that is able to live calmly within its income and one that is on the verge of disaster.
So when you sit down and decide that its time you took seriously the problem of conquering your credit card debt, you have a number of battles to fight that are not only about interest rates and least possible repayments. The fact is that none of us can face down something as overwhelming as a huge credit card debt if we just don't think we can do it.
A person's self confidence is ingrained in the concept that he or she can and has had success at struggling with a problem earlier. As a result we can take on a new problem for the reason that you did it beforehand and you can do it over again. However when it comes to confronting tens of thousands of dollars of credit card debt, it's probable you have never experienced such an elusive enemy. It is an enemy that would seem to want to swallow you up. And that can bring about despair and make you just want to throw up your hands and give up.
So the question mark arrives, when is the best time to panic? Well, you know the solution to that question is NEVER! This is not just pie in the sky optimism talking here. There are several very pragmatic reasons that you ought to obstinately refuse to panic no matter how dreadful the credit card debt threatens to get.
For one thing, if you are the conscientious grownup in the home whose task it is to control the money of the family, those people you worship rely on you to guide your family out of messes. This is the responsibility of a head of household so the last thing they want to see is for you to come unglued because of a a small number of payments. Therefore for the sake of the people you love, keep your head and go on looking for options and answers.
The added motivation to not press the panic button is that there is always something you can do. You can get another job or else find another income supply to keep paying those amount outstanding down. Moreover as long as you can make the repayments on any particular month, there is hope the next month you will start to drag ahead. As long as you have your health and there are jobs to be had, you can work and get out of this mess. It might take some hard work but you can make it.
But even if you can't work and the payments keep getting higher and higher, that is not a good cause to press the panic button. You can renegotiate with lenders to get some direction over the debt. You can use a credit consolation service to get your repayments down and get on a schedule to pay them off over time. And at the very end of the spectrum of what you can do, there is bankruptcy. And as bad as that word seems, bankruptcy is not the end of your world. A lot of people exercise it and come out the other side of it okay and all set to take on the world again.
So take some heart in the reality that you actually are not doomed and there is always a means out of the tight spot you are in. It might take some looking, some creative thoughts and some management to get there. But you can only discover those resources inside yourself if you stubbornly say no to panic.
There are two free reports here to help you decide what is best for you, please click on the links below:
For a free 66 page report called "Debt Crisis" http://www.makeyourmoneywork.smarter-not-harder.info/Debtcrisisa.xhtml
Or a free 64 page "The Bankruptcy Recovery Guide" http://www.makeyourmoneywork.smarter-not-harder.info/TheBankruptcyRecoveryGuidea.html
by: Steven Giles
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