A sad but true fact about people in the United States is that they are piling up more and more debt every day. Whether it is mortgage loans, credit cards, or any other kind of indebtedness, more and more people are staggering under the weight of unmanageable debt. Most of them have no clue how they got into this predicament. Even more perplexing to them is how they’re going to start digging themselves out of the financial hole they’ve fallen into.
If you’ve ever been faced with a pile of bills you’re unable to pay, you know the feelings of panic that set in. Creditors start hounding you day and night, and even small payments do little to assuage the feeding frenzy they’ve launched against you. True, you should be paying these bills, but if you can’t, you can’t. As the old saying goes, you can’t get blood out of a turnip, and you definitely can’t get money out of an empty bank account.
Maybe you’ve already tried everything you can think of. You’re working two or even three jobs, trying to make enough extra money to start decreasing your debt. However, by the time you pay the babysitter, your income is already half gone. Then there are high gas prices which make your commutes to these jobs more and more expensive. At the grocery store, you can’t even walk in the door and buy a few items without running up a $100 tab, because grocery prices have risen so rapidly. But the welfare of your family has to be your top priority, and few parents are willing to watch their children go hungry just so that they can keep hostile creditors happy.
The debt management industry has been booming in recent years. So many people are in this precarious financial situation, and all of them are looking for assistance to get themselves out of debt. Unfortunately, not all of the debt management companies that have cropped up are honest and actually help their clients become debt free. As with shysters everywhere, some of the people who promise to help you are actually sharks circling a sinking ship, and they hope to relieve you of whatever cash you still have available. You have to be careful when choosing this route.
The best way for you to manage your debts is by learning how to better handle your own finances and not to trust in others to do it for you. First you need to realize that you aren’t alone. Approximately 78% of all Baby Boomers are seriously in debt at a time when they are nearing retirement and should be debt free. They still owe for their homes and cars, and many of them are deep in credit card debt. This didn’t happen to their parents’ generation, so why is it happening to them? And why has it happened to you?
Being in debt isn’t the smartest thing a person can do, but it has come to be the norm in today’s world. If you want to earn back your financial freedom, it’s time for you to start educating yourself about the best ways of getting yourself out of debt and starting to save for the future. You can live on what you earn, but it may not be easy. Take a look at your lifestyle. What things that you consider a part of your life would your grandmother have considered a luxury?
Values have changed over the years, but our pocketbooks and wallets haven’t kept up with the trends in spending, and that has created the financial mess so many people feel they can’t do anything about. They’re wrong, however. They can do something about it with a little hard work, and so can you. Isn’t it time you gave it a try?