Know When to Fold Them

I want to talk about a word I have been hearing from a lot of people since the economy turned around and bit everyone in the butt: BANKRUPTCY. This usually will make grown people crumble. However, you need to really evaluate what brought you to this position.

We have become a society of "Give it to me NOW" and we don't really care about the financial consequences afterwards. What has happened, as you are all aware, is that our debt ratio has exploded and we have become mired in bills, collection calls, and the gut wrenching guilt of shamefulness.  There are probably far more people in this situation that not.

I am not condoning this, however I can't help but shake my head when I find out someone has qualified for a mortgage or a car loan that is way beyond their means. I have seen this happen way too many times.

My first challenge to you is to find out if there is a way to crawl out of the credit hole. Usually this means if you are choosing between food or bills then you have fallen in the credit hole. If you can't see the light at the end of the tunnel then it may be time to talk to a Debt Counselor. I would think that once you have reached this point you are not concerned about your credit.

Once you have taken this step, pat yourself on the back, as this takes a lot of courage. As long as you stay focused to your financial recovery you can feel good about your decisions with your money again. With the right tools in place you will be able to fill your bucket up again!