subject: Knowing When To Panic About Your Debts [print this page] There is another level to what ought to be the purely financial predicament of how to manage your credit card debt. That side has to do with the human toll that carrying that 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 center of what make the family work. The old funny story goes "Money can't buy happiness but it can rent it." And while that is cute, cash and credit card debt can make the difference between a family unit that is able to live peacefully inside its income and one that is on the verge of disaster.
So when you sit down and decide that its time you took earnestly the challenge of conquering your credit card debt, you have a number of battles to fight that are not just about interest rates and least possible payments. The fact is that not any of us can face down something as overwhelming as a massive credit card debt if we just do not think we can do it.
A person's self confidence is rooted in the concept that he or she can and has had success at struggling with a problem beforehand. Consequently we can take on a fresh problem because you did it before and you can do it yet again. However when it comes to facing tens of thousands of dollars of credit card debt, it's possible you have never faced such an elusive adversary. It is an foe that appears to want to swallow you up. And that can set off 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 reply to that problem is NEVER! This is not just pie in the sky cheerfulness talking here. There are some extremely pragmatic reasons that you must stubbornly refuse to panic no matter how dreadful the credit card debt threatens to get.
For one thing, if you are the responsible grownup in the home whose duty it is to control the finances of the family unit, those people you worship rely on you to steer your family unit 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 few bills. 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 at all times something you can do. You can get another job or discover another income supply to carry on paying those amount outstanding down. And as long as you can make the payments on any particular month, there is hope the subsequently month you will start to pull ahead. As long as you have your healthiness 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 cannot work and the payments keep getting higher and higher, that is not a good reason to freak out. You can renegotiate with lenders to get some direction over the credit card debt. You can utilize 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 terrible as that word sounds, bankruptcy is not the end of your world. Lots of people use it and come out the other side of it fine and prepared to take on the world again.
So get some heart in the reality that you really are not doomed and there is always a means out of the tight spot you are in. It might take some looking, some resourceful thoughts and some leadership to get there. But you can only find those resources in yourself if you obstinately 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
Knowing When To Panic About Your Debts
By: Steven Giles
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