HI FOLKS!
Let’s talk about something you may have never considered – Psychological addiction to DEBT. This is real and very serious!
I’m sure many of you will relate to the following:
John or Jane Doe has credit card debt at 20 – 29% interest. Payments are usually made on time but the cards are all nearly maxed out and only the monthly payment or slightly more is paid back monthly. No big deal, right? Wrong! The card holder couldn’t afford their required purchases so the solution is to pay 20% – 30% more???
I know most of you see there’s a problem here but what is the problem? Is it lack of income? Is it the creditor’s fault for charging too much? Is it “the system”?
What’s been described in paragraph three, folks, is ADDICTION.
Psychological addiction simply means you did something, no immediate pain was felt, you did the same thing again and now it’s a habit. Over wearing your favourite pair of jeans is the same theory except the jeans don’t hurt you long term. Debt and failure to understand it’s short and long term consequences does hurt A LOT. In fact, statistics show that 36% of Canadians are suffering due to their decisions about debt.
If you had 10 identical boxes of rice all 1/10 full in your kitchen cupboard, what would you do? I bet you’d poor all of the rice into a single box to make things more organized.
I feel the main reason people don’t know to do the same with their problematic debt is not because they lack intelligence or common sense but because they are afraid of debt and they feel their lack of expertise on the subject will lead them to making a poor choice. People are afraid of change.
No, don’t ask your bank to finance your overdue debt – they won’t. Also don’t go to the well known companies that charge 47% interest. They know your history of poor choices makes you an easy target for another terrible choice. What should you do?
Speak to someone who’s first priority is educating you on all of your options and who’s second priority is saving you money now and down the road by providing you with an understanding of personal credit management and a few really easy to understand actions you can take to make huge improvements.
Maybe not all change is scary, when it helps you progress from something bad to something good.
For those of you who want leads on where to get great advise here are some helpful links:
https://cdncreditmatters.org/derek/
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