I received two inquires on Black Friday which is unusual since I don’t typically receive emails on holidays. On holidays folks are thinking about relaxing, being with family, or going shopping. Wait…maybe the shopping was the trigger.
Both of these folks in their email told me about how they needed help and they needed it now. One of these folks did a debt consolidation a year earlier and now they had a negative cash-flow. The other person told me they got into debt management program and they too now had a cash flow issue. Both of them wanted help and they wanted help now.
Did you catch that? They wanted help now, immediate, a quick fix. Guess what? Quick fixes don’t work. Changing the behaviors that got you to this mess is what will work.
So today I’m reposting a blog from September called “I see it Everyday.”
I See it Everyday
A couple runs up thousands of dollars in credit card debt and can no longer make the payments. In an effort to solve the problem, they take that debt and roll it into their mortgage. They tell themselves that they are saving money . . . and sometimes they actually believe it. They take loans that they owed another 8 or 10 years on, rolling them into a new 30-year loan. They take the house that they owed 22, 23, or 24 years on, and now they owe on it for 30 years. Now they are paying an extra 6 or more years on their house!
Nothing Changed…Except Losing the House
The problem with this situation is that they never corrected the behavior that got them into the problem to begin with, so in a year or two they will run up thousands of dollars on credit cards again. This time they can’t roll it into their mortgage, and eventually they lose their home because they run up the debt to the point that they can no longer make their house payment.
If this situation sounds like you, please take my advice. Stop the madness. Get out there and learn about personal finances. Read a book, take a class, or find someone with the experience who can help you.
You have a choice, and the choice is yours.
Bryan Cooper – Financial Life Coach
My Financial Life Coach, LLC
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