Silly Things We Do When We’re in Debt: Debt Relief

Five Mistakes About Debt

Ah, the credit card. Those shiny, beautiful and oh-so alluring tiny pieces of plastic offer you things you couldn’t afford otherwise….Wait a minute, back up a bit. ‘We couldn’t afford otherwise’. Couldn’t. Afford. Otherwise. The Money Trap.

So we charge it, pack it up, go home, and live blissfully unaware of the real damage we’ve done until thirty days later when the bill comes in the mail and we scream ‘Egad! I’ve just been swindled…by me!’

Here’s a little guide, courtesy of us, on the five biggest mistakes people commit after they’re already in debt that only dig their holes deeper.

One…
Paying the minimum payment on your credit cards. It does you no good, literally. The amount owed only increases with time, you’re no closer to eliminating the debt. You’re essentially paying them to stay indebted to them.

Two…
Counting on mom and dad, friends, family in general, to help bail you out. There’s no better way to damage precious relationships than by borrowing cash.

Three…
Oftentimes, people fall victim to dishonest ‘credit counselors’ that demand high fees up front without a promise to deliver.

Four…
Using one high interest loan to pay off smaller interest loans. It may feel easier to submit one payment a month but do the math before you take on this option. The point is to eliminate debt, not make it easier to send the check

Five…
Declaring bankruptcy without consulting the aid of a debt settlement company. Often, we feel overwhelmed and that the declaration will give us a clean slate. This is a farce. Really read over what bankruptcy means to you and your credit before considering it as an option. There could be other avenues you haven’t explored yet.

Debts you may be facing: Car & Auto Loans, Home Mortgage, Credit Cards, Student Loans, Hospital & Medical Costs, and Bank Loans.

 

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