| |
| |
|
Credit Information |
|
|
|
A Debt Mentality
While working through my own debt situation, and helping others resolve their life issues regarding debt and credit, it never ceases to amaze me how similar the life stories are and how profound is the effect of debt on the way a person thinks about life, irregardless of how much money they have or don't have. I remember being in junior high school hearing my father say something to the effect of "you only have as much money as you have credit." Now whether that was what he said exactly or not, dosen't matter because it stuck in my head that unless you had massive debt, you couldn't have massive prosperity. Now, some 40 years down the road, I realize how flawed that reasoning was and my responsibility for allowing it in my own life. I suspect I am not alone in those feelings. Others may get to this mentality by different life events, but it is incredible how common the debt stories are. We all get here by different routes, but FEEL the same about the result. My personal view is the way debt makes you FEEL is the whole purpose of getting in debt in the first place. If you are in debt and have bill collectors calling, and getting the envelopes that you can read PAST DUE through, and getting the ugly phone calls, you understand what I'm talking about. One way to describe it is to use the principle of slavery, or being in prison. Tim Robbins and Morgan Freeman acted out this concept in a powerful movie titled "The Shawshank Redemption" (get it and watch it closely). Even though he was in prison, Tim Robbins character was never a "prisoner", and even when Morgan Freemans' character was released from prison, he was still a prisoner. How one led the other to that awareness is the point of the movie, and a powerful life lesson. One more point. There are those who have access to hundreds of thousands of dollars, and are broke because of a debt mentality. They suffer the same feelings of someone who only has a few thousand dollars of debt, and as near as I can tell, IT IS THE SAME FEELING. I saw a coyote put in a cage one time. Completely wild animal, never caged. The panic that creature experienced caused it to die over time. A debt mentality is similar. We may not panic and die all at once, but we will do it a little at a time, and the result will be the same. No enjoyment of life, no hope beyond working to pay past due bills. And this mentality fits how someone chooses to see life. But it dosen't have to be this way. Rich Toops created http://www.do-it-yourself-credit-repair.net to provide information that would allow subscribers to restore their credit files, and get back to purchasing status. This is still the primary function, but the awareness that there are some subscribers who keep repeating the same debt cycle is leading to a deeper look at how debt causes someone to think about their life, and how to break that cycle.
MORE RESOURCES: Former Credit Suisse broker charged with subprime-linked fraud in ... - International Herald Tribune
Credit - Google News |
|
|
|
RELATED ARTICLES
7 Consumer Credit Laws You Should Know if You are Trying to Repair Your Credit There are seven consumer credit laws you should be aware when dealing with your credit.1. Online Credit Report and Online Credit Reports Online credit reports are easily accessible to those interested in viewing them. If you have wondered about what kind of credit score you have, you can go on the Internet and look at your online credit report. What Is A FICO Score? A credit score is most commonly known as a FICO score. FICO stands for Fair Isaacs Corporation. Boosting Your Credit Score To Get The Best Credit Card Deal Making Your Credit Rating Work For YouOne of the basics of getting the most competitive credit card deal in the market is to ensure you have the best credit record possible. Few of us are lucky enough to be earning a six-figure salary, and many people are likely to have other financial undertakings that a potential lender will want to take into account. What You Need to Know about Debt Negotiation on Credit Cards Debt negotiation on credit cards is often referred to as credit card debt settlement. Whenever you make a credit card payment- or even pay your utility bills- it usually gets reported to one- or all- of the three main credit agencies. New Credit Scoring Model Could Help Millions Mark and Beth, a young married couple in their twenties, established a goal to buy a home within the first three years of their marriage before starting a family. They budgeted and used their money wisely in order to save for the down payment. 10 Ways To Protect Your Financial Identity Being Used For Someone Else's Shopping Spree Someone impersonating you could be spending your hard-earned money.Impossible! Not really, check, loan, and identity fraud are a real problem. Credit Card Security Advice Which of the following is the biggest threat to your credit card security?a) Shopping online with a credit card b) Shopping in a real store with your credit card c) Ordering something over the phone with your credit cardThe answer may surprise you. It's b - shopping in a real store with a credit card. Credit Card Debt: How To Control It A lot of people spend more money than they can afford to repay toward their credit card debts. To regain control over your finances and to manage your debt, here are some solutions you can try. Balance Transfers Introduction Credit card balance transfer involves using a credit card to pay off the amount outstanding on one or more credit/store cards. The total debt then moves to one card. Why Americans Find Predatory Lending Offensive "Menis - the author translates as "indignant rage" - It is the kind of rage arising from social betrayal that impairs a person's dignity through violation of "what's right." (p21), Achilles In Viet Nam - Combat Trauma and the Undoing of Character, Jonathan Shay, M. Credit Cards - The Top 3 Things You Need To Know Today there are so many different credit cards available, student prepaid, low interest cards etc. that it has becomes a real hassle to find the right one that will suit your needs. What Should I Do If I've Become a Victim of Identity Theft? Identity thieves take advantage of everyday opportunities to discover your personal information and use it to commit fraud or other crimes. The good news is a victim of identity theft has more options today than ever before. Sound Advice For First Time Credit Card Users If you are just entering the world of credit cards, there is important information you will need to know in order to manage your credit and your finances effectively. Establishing good habits and a good credit history now is the foundation for a solid financial future. What Is a FICO Score and How Do I Make It Work for Me? Whether or not you receive a loan and what interest rate you get on your credit card may be determined by something called a FICO score. Named for Fair, Isaac & Co. Bad Credit? No Credit? Yeah, Its a Problem. Many companies use the slogan "Bad Credit? No Credit? No Problem!" The truth is that it is in fact a problem and there is no easy way to correct it. It takes a lot of time and effort to obtain credit when you do not have any and even longer to fix bad credit. The Easy Way To Gain Access To Your Free Online Credit Report When you apply for credit, those lending you the money want to know if you are going to pay them back. One way they decide if you are a good risk is to see how you've dealt with other people's money. Like It Or Not, You Have A Score To Settle! Like It Or Not, You Have A Score To Settle! (Part 1 of 2 on Credit Scoring)Just when most people finish with school and can stop worrying about test scores, there's a new kind of scoring that enters the picture. It's called credit scoring. How to Dispute Credit Report Errors Your credit report--a type of consumer report--contains information about where you work and live and how you pay your bills. It also may show whether you've been sued or arrested or have filed for bankruptcy. Tips for Credit Card Surfers Moving money from credit card to credit card to take advantage of interest free balance transfers and effectively borrowing money for free. It's even possible to make money by borrowing money, transferring the debt to an interest free card and investing the cash in a high interest savings account until the interest free period expires.
|
| home | site map |
| © 2006 |
