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| Education and Financial

12/20/13

Debt Ceiling: Overcoming your financial misgivings starts with admittance

It's easy to point fingers when you're discussing exactly why you're in debt and how your financial future turned from promising to perilous.
My credit card interest is too high.
I only buy things when they're on sale.
It's 0% interest, so what's wrong with that?
Maybe it's time you point the finger somewhere else. Like at yourself.

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One of the bigger reasons your debt is haunting you or doesn't show signs of slowing is your aversion to admitting there is any issue at all.
Few people actually take a moment of introspective to ask the rhetorical questions that anyone swimming in debt should.
"How did I get into debt?"
"What is my first step to get out of debt?"
"Who do I need to talk to, if anyone, on a professional level?"
Those three pertinent questions need to be part of your first few steps to dig out of debt and take control of your financial future. Asking the "tough" questions could reveal the root of the problem, that you may be too quick to spend extra income or that you've spent a majority of your paycheck on restaurant or take out food, rather than cooking meals at home.
Facing your financial shortcomings head on could lead you to heeding advice from a credit counseling service or consolidation program, or simply mapping out a budget either on your own or through a web site that acts as a personal accountant for you.
You'd be surprised to find out that most people don't necessarily "balance" their bills or pay much attention to deposits versus transactions. The days of the paper check registry have been supplanted by online banking, but the loss of the pen and paper method may have put you in a position to simply skip the actual art of checking what you're spending as opposed to what you're making.
Admitting you might need some financial advice also could inspire you to actually check on your credit score from time to time and thus better understand those numbers, and what they mean to you as far as buying a house or a car, or simply opening up a credit card.
Something this simple could be sabotaging your spending and subsequently stalling your efforts to either maintain some level of financial competency or reroute your money misgivings. Determining exactly where you went wrong or pinpointing the problem probably wouldn't have happened had you not taken the time to first admit fault and then ask the kind of questions that often are ignored.
That ignorance serves as a catalyst for a continuation of missteps when it comes to your financial future and points directly at a dwindling chance for reversing your spending trends.

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