 |
A Debt Mentality
While working through my own debt situation, and helping
others resolve their life issues regarding debt and credit, it
never ceases to amaze me how similar the life stories are and how
profound is the effect of debt on the way a person thinks about
life, irregardless of how much money they have or don't have.
I remember being in junior high school hearing my father say
something to the effect of "you only have as much money as you
have credit." Now whether that was what he said exactly or not,
dosen't matter because it stuck in my head that unless you had
massive debt, you couldn't have massive prosperity. Now, some 40
years down the road, I realize how flawed that reasoning was and
my responsibility for allowing it in my own life.
I suspect I am not alone in those feelings. Others may get to
this mentality by different life events, but it is incredible how
common the debt stories are. We all get here by different routes,
but FEEL the same about the result. My personal view is the way
debt makes you FEEL is the whole purpose of getting in debt in
the first place. If you are in debt and have bill collectors
calling, and getting the envelopes that you can read PAST DUE
through, and getting the ugly phone calls, you understand what
I'm talking about.
One way to describe it is to use the principle of slavery, or
being in prison. Tim Robbins and Morgan Freeman acted out this
concept in a powerful movie titled "The Shawshank Redemption"
(get it and watch it closely). Even though he was in prison, Tim
Robbins character was never a "prisoner", and even when Morgan
Freemans' character was released from prison, he was still a
prisoner. How one led the other to that awareness is the point of
the movie, and a powerful life lesson.
One more point. There are those who have access to hundreds of
thousands of dollars, and are broke because of a debt mentality.
They suffer the same feelings of someone who only has a few
thousand dollars of debt, and as near as I can tell, IT IS THE
SAME FEELING. I saw a coyote put in a cage one time. Completely
wild animal, never caged. The panic that creature experienced
caused it to die over time. A debt mentality is similar. We may
not panic and die all at once, but we will do it a little at a
time, and the result will be the same. No enjoyment of life, no
hope beyond working to pay past due bills. And this mentality
fits how someone chooses to see life. But it dosen't have to be
this way.
Rich Toops created http://www.do-it-yourself-credit-repair.net
to provide information that would allow subscribers to restore
their credit files, and get back to purchasing status. This is
still the primary function, but the awareness that there are some
subscribers who keep repeating the same debt cycle is leading to
a deeper look at how debt causes someone to think about their
life, and how to break that cycle.
MORE RESOURCES:
Credit - Google News
|
|
|
RELATED ARTICLES
Do you Know the Benefits
of Checking your Credit Report?
Do you know why you should check your credit report?Of
course you do, because you have undoubtedly experienced one
working in your life!No matter where you roam, your credit
report follows you through life, updating all aspects of
your life: your employment, where you live, your opened
credit accounts, your closed accounts, your payment
history, and even public records on you.In this country, a
good credit history brings you benefits of all kinds--a
home mortgage, an apartment lease, an auto loan, or even
more credit--with ease.
Repairing Your Credit
Score and Clearing Derogatory Marks on Your Credit
Report
Raising your credit score can be a fairly simple and
straightforward process unless you have derogatory marks
that need to be disputed (which will be explained
below).The reasons for bad credit can be as follows, high
balances, bankruptcies, late payments, and many others.
The Ghost of Expected
Surprises
Here, Cratchet, what do you think you're doing?Uh, er,
leaving sir.Leaving? It's 5 minutes to the hour.
Special Credit
Information for Married Couples
If you are married, establish separate credit accounts.Try
to finance real estate in just one partner's name to
increase your investment financing potential.
7 Consumer Credit Laws
You Should Know if You are Trying to Repair Your
Credit
There are seven consumer credit laws you should be aware
when dealing with your credit.1.
Your Guide On Choosing a
Credit Card To Suit You
Reach into your wallet or purse, pull out a card, swipe,
and you're done. It is very easy to use a credit card.
Your Consumer
Rights
If you have ever fallen behind on your debts you already
know that dealing with your creditors can be a hassle.
Sometimes it can be downright humiliating.
Inflexible Friends and
Plastic Assets, Why Money isn't Buying Love
Anymore
Consumers reject financial advice in favour of financial
frivolityIt would appear that even though their "friends"
aren't as flexible as they used to be, consumers are still
stretching their credit cards beyond the comfort zone.The
vicious circle of debt manipulation involving banks,
consumers and commercial credit companies is putting
consumer spending under strain, as funds begin to dry up.
Figuring Out the Ever
Nebulous Numbers Called Credit Scores
Credit Score FactorsThe information contained on our credit
reports affect every aspect of our lives; including
employment, insurance, and even interest rates (mortgage,
credit cards, automobiles, etc.).
Tips For Getting Your
First Credit Card
Most of us get a credit card on our name when we go to
college or when we are in our senior years of high school
and all of us stumble into the same types of difficulties
when it comes to finding an issuer and managing the credit
card. Most banks ask for a prior type of credit history
that most of the time lacks and for some type of warranty
that we will be good payers.
Good Credit Is a
Necessity for Everyday Living
Most of us want a good credit report to obtain vehicle
financing, credit cards for emergencies and luxuries, and
to finance a home mortgage. However, beyond these consumer
loans, a great credit report makes your life easier.
How To Eliminate Credit
Card Debt
There is almost nothing more troublesome than having too
much debt to pay each month. Consumers incur debt for many
different reasons.
Teaching Students To
Keep Out Of Credit Card Debt - The Parents Role
Parents have the full responsibility for their children and
their education. It is up to parents to teach their
children what's right and what's wrong, how to conduct
themselves as good citizens, how to cross the road safely
and generally protect themselves from harm.
Balance Transfers Can
Help You Stop Putting Money Down The Drain!
As you probably know, interest rates are at all time low
right now and if you aren't getting the best deal from your
credit card company then they owe it to you to either lower
your rate, or you owe it to yourself to find a better deal.
You see, credit card companies need your business in order
to succeed and if you refuse to pay a penny more than you
have to then you'll be doing yourself and others a big
favour indeed.
Useful Tips on Using
Credit Cards
Here are some useful tips on using credit cards. Whether
you shop online, by telephone or by mail, a credit card can
make buying many things much easier; but when you use a
credit card, it's important to keep track of your spending.
Its Your Credit - Take
Care of It!
Thanks to the Fair and Accurate Credit Act, American
consumers can receive a free annual credit report from each
of the three major credit bureaus-Experian, TransUnion and
Equifax. You can order your free credit report by visiting
www.
Which Citi Mastercard Is
Right For You?
You've decided to apply for a Citi MasterCard, but with so
many different cards to choose from, how do you know which
one is right for you? Here is a brief guide to the
different types of MasterCard available from Citibank.A
great MasterCard program is the Citi Platinum Select Card.
What Does Your Credit
Score Tell You?
When you apply for a loan or a mortgage, the first thing
the lender does is to check your credit score. Based on
your credit score, the lender decides the amount of finance
you are eligible for and the interest rate at which you
will be charged.
Credit Help For Renters
And Others On The Horizon
Sue is a homeowner and pays her mortgage and other bills on
time like a good credit consumer. Sue's on-time mortgage
payments are reflected in her credit score profiled by the
three major credit bureaus; Equifax, Experian and Trans
Union.
How Can A Qualified
Mortgage Consultant Help Boost Your Credit
Scores?
Consumers interested in purchasing or refinancing a home
will pay an interest rate based on current market
conditions and their ability to pay back the loan. The
borrower's income and debt ratios are taken into
consideration by the lender, as well as the predictability
factor provided by credit scoring.
|
|
