Debt Management

It is the end of February. For most people that means two things, winter is almost over, and the debts are the highest they will be this year. Normally, I don't talk about debt on this blog, but everyone needs to understand that 'making money' is as much about saving it as it is about generating revenue.

I went bankrupt once. The stigma of going bankrupt, even though it was not my fault, did not hurt the most. What hurt the most was the fact that it didn't have to happen. When I couldn't pay my bills because of the actions of a third party, I thought that bankruptcy was the only option.

I've now learned that I had other options, even though the debts were in excess of $40 000. In fact, I would have been better off in the long run if I had paid the debt instead of declairing bankruptcy.

There are several Debt Solutions which do not involve petitioning for insolvency or bankruptcy. Now, more than ever, banks are willing to work with people. I never knew that. I always believed they were more willing to foreclose than rearrange a payment program to help their clients.

My mother had a saying 'Ignorance kills.' As a child I never quite understood this, and while my bankruptcy didn't kill me, it did kill my savings account.

I won't be in the same boat again, because next time (If there is one) I will ask for help.