Rich in Debt

“You cannot borrow yourself into prosperity”

The past two years has surely been a wake up call for millions of American. When the economy was humming, people were happy, banks were happy, creditors were happy – as the economy slipped, the inverse followed.

Everyday millions of Americans bend over backwards trying to maintain their “credit”. Maintaining this intangible record of accounts is more important to many people than putting food on the table, or taking a moment to unwind, or their relationship with friends/family. It appears when things get rough, we as a community of neighbors do not come closer together, we break apart. What's remarkable is that people are not make these decisions based on survival, they're making them for an intangible record of accounts, aka credit report.

Why, you may ask, do I frame this issue around the credit report or a credit score? Because that is the issue for millions of Americans. They're willing to sacrifice so much, even friendships and their own sanity to preserve their credit score. I ask why?

Let me back up. Do you remember when you were in school? Typically those student who had a sincere desire to learn not only retained more knowledge they also earned high grades. Whereas, students who only performed for high grades, retained little knowledge and experienced far higher anxiety and stress related to the event of learning. Is school for learning or is it for grades?

So, what does that fact have to do with your credit score? Well, is life about your credit score or does your credit score follow the events in your life? There is NOTHING wrong with your credit score reflecting the financial challenges you face in life. During time of financial duress you may not be able to get that new car loan, or get a new mortgage, or get another credit card immediately, but if you're suffering financially should you be doing those things? Absolutely not. When you're having problems paying your bills how does adding to your monthly bills help your financial situation?

Americans need to STOP worrying about their debt and START worrying about their wealth. Please understand, I am NOT advocating you “walk” away from your debt, repaying your debt to me is an ethical issue (including a legal one), you promised you would repay it, so you should repay it. However, you also need to worry about the NOW and the FUTURE. Meaning, you need a plan, not a haphazardly thrown together plan dictated to you by a “debt settlement” company. You need CASH, you need ASSETS, you need INVESTMENTS, and you need to REDUCE your monthly debt payments. You should write those tangible goals down where you can see them everyday.

Chances are good you will NOT be able to formulate this plan by spending all your cash on your debt, then living on your credit to get you through until your next pay check. That road leads to poverty and bankruptcy. You need to focus on CASH, ASSETS, INVESTMENTS, and if need be, a FORCED REDUCTION of monthly debt payments.

If you're unemployed or experienced a significant reduction is monthly compensation and you simply do not have enough money to pay your creditors then you need to make some hard decisions. The average American must reduce their monthly expenses to acquire wealth. If this hardship is TEMPORARY, then visit http://www.helpubuytime.com.

If you feel it not temporary, you've just acquired too much debt and you're unable to maintain it you're still going to need time to save up cash to offer a settlement. This is something you can do yourself with a little research – BUT YOU'LL NEED CASH to offer a settlement, DO NOT BORROW THE MONEY TO PAY the settlement.

Lastly, you can consider bankruptcy, however, use this option carefully. Research is exhaustively and find a qualified attorney.

Remember the first steps to wealth accumulation are CASH, ASSETS, INVESTMENTS, and a REDUCTION TO MONTHLY EXPENSES.