Too Much Debt? What NOT to Do!

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In a blog “The 5 Dumbest Things You Can Do if You Have Too Much Debt” the author tells us that “if you’re struggling with too much debt you’re not alone.”  We have all been overspending, overeating, over making-merry and the pit isn’t really the giant pit of financial dispair…Wrong – the party always has to end…

The author of the blog, however does give 5 great tips on strategies to avoid when you are faced with the struggle of getting out of the financial pit we’ve dug ourselves in to…

The 5 strategies you may want to avoid:

The first advice of experts in the field is to be sure you don’t make your situation worse by making common mistakes. In particular try to avoid:

1)  Paying only the minimum payment on your debt as this will results in the amount you owe actually growing and your problems will only become worse.

2)  Relying on friends and family as this can damage relationships with the most important people in your life.

3)  Unscrupulous credit counselors that demand cash upfront or high fees for help they promise, but don’t deliver.

4)  Using new high-interest loan to pay off lower interest rate loans – while it may be easier to just have one payment but it will actually increase the amount you have to pay back.

5)  Declaring bankruptcy – this can have permanent and severe consequences on your financial future, avoid if you can, especially when debt settlement may work for you…

One of the best financial advice guru’s out there, Mr. Dave Ramsey offers great advice to anyone going through financial struggles – or for those who see the “writing on the wall” – there are so many things available to people today that it only makes sense to get started on the right track now – before the crayon on the wall becomes permanent marker!

There are alternatives to declaring bankruptcy – do what you must do – if you lose your day-job then it is even more imperative that you find ways to provide a financial income.  There are many “out-there” MLM companies that promise the “world” but most of them, if not all of them are based on a pyramid where the first one in wins and the last one in loses.  There is a company though, that Mr. Ramsey recommends – and I’m delighted that out of all those companies, the one that came to me when I didn’t know I was looking for it, was that exact company.

I would love to have you check out my website at http://www.distinctinspirations.advancingwithus.com – the password is AdvancingWithUs.

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