![]() ![]() One, the credit reporting associated with the "get out of debt" schemes are just that - schemes. The quick fixes out there are only going to cause you more problems in the end and for a couple of reasons. And since those "wants" weren't budgeted for, the budget is blown. those new "wants" quickly turn into "needs" and the money is spent. Individuals build budgets based on "needs" as well, however, as life comes at you, and you see that sweater "on sale" or you pick up a new hobby, or you get tired of driving the same wheels, etc. ![]() Many will say that you need to establish a budget.That's a useless exercise and here's why - businesses build budgets each year based on "needs" and they can stick to them - there is no emotion involved. The second step is to realize that whatever happened to you to put you into the situation where your debt is overwhelming you is probably your fault - sure there are those unforeseen times when it just happens, such as a medical emergency, but generally, most of us are just simply over spending our way into financial ruin. The fact that you've identified that you are in a tough spot is a very important first step. Whatever the cause, congratulations on realizing you are in financial hot water.įrom time to time, we all find ourselves on the wrong end of the stick financially. Okay, so you've gotten into financial hot water - maybe you've lost your job and are out of emergency funds - maybe you had a medical situation - maybe you over spent during the holidays - maybe you just over spend on a daily or routine basis. ![]()
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