I have several friends who were hit really hard in this economy. It’s hard to watch them struggle and try to make ends meet. So many people were living way past their means. Like I told my one friend. You were living a champagne life style on a beer salary, living on charge cards. Now it’s time to pay the piper. One of their options are debt counseling . They need to learn how to manage a budget and learn how to live within their means.
Right now, I imagine they will have to learn how to live below their means to be able to pay back what they owe. Their credit is ruined and it’s not going to be easy to fix but they must fix it. They are going to have to learn how to make a budget and live by it.
One of the things people should never do, is stick their heads in the sand and think it will all just go away. If you can’t pay your bills, you need to contact your lenders immediately and let them know what is going on and why. Most of the time they will try to work with you. If you let it get that far, most of the times your lender will have given up on you. Dealing with the lender is much better than dealing with a debt collector.
You could also try debt consolidation, or even bankruptcy as a last resort. For Damage control, go to a professional, a company that is reputable, who can sit down and explain all your options to you.
February 8th, 2010 at 12:43 pm
We’ve watched this same scenario play out more than once in our lifetimes. Using their homes as a bank account for toys and refinancing so many times it makes your head spin. Then the credit cards are the other thing that’s abused. It’s sad, but so many do it. Around here they just walk away. Doesn’t say much for their character if you ask me. Oh, and they blame everyone except themselves for the mess they are in. Who’s paying the freight for these folks? You and I are.
Have a terrific day.
Comedy Plus´s last blog ..Awww…Mondays #51
February 8th, 2010 at 1:55 pm
Sandee, here in FL, they take all the equity they can get out of their homes then leave in the middle of the night!!! Just walk away. It says a lot about their characters, dead beats! And yes, I agree with you, they blame everyone but themselves. Nobody forced anyone to get in over their heads. Nobody forced them to live beyond their means or buy homes they couldn’t afford. Seems like so many people now a days feel like they are entitled to everything. They don’t want to except responsibility, they just think they should have everything they want whether they can afford it or not. Your right, we are the ones who pay for it, and those responsible could care less.