Debt breaks up families, is a major cause of stress, anxiety, pressure, depression and can ultimately lead to suicide. According to recent statistics suicides due to debt are up by 8%. So why do people have so much debt?
It’s easy to blame the banks for irresponsible lending or the marketing companies for leading us all to believe that we ‘need’ to drive a new car or wear the latest fashion but is it really their fault? I don’t think so. I think it comes down to a simple lack of financial education and self-discipline.
Now, I am not saying that the banks are not to blame for some things, PPI and mis-sold investments are blatantly wrong but trying to sell you everything from a new type of credit card to pet insurance every time you go into the branch is the same as when you go into a shoe shop and they try and sell you the polish to go with the new shoes, it’s just sales, it’s just retail. We should expect to get sold things, after all they are “retail” banks right!!
So how do you get out of the debt trap and stay out?
The first step is to make a decision to become debt free, that you are willing to do whatever it takes to change your financial circumstances.
Are you willing to pay the price, even if it means giving up your car, jewelry or even your house? How badly do you want it?
Your actions or activity are a direct reflection of your level of desire!
Wouldn’t you agree that if you have a better grasp of the rules of any game, you are equipped to play it better? It’s the same with the money game!
You don’t need to become a financial genius but just to get a proper financial education and learn some simple concepts that you can apply to your circumstances and change your financial landscape.
It’s been said that “Knowledge is Power” but it’s the application of that knowledge that is the really power. There are plenty of smart people out there who never achieved anything!
Learn the principles, apply them and discover that your debt freedom is closer than you might think.