Broken Wallet

I mentioned in my last blog that there were (in effect) 3 scenarios you might find yourself in once you have dealt with the tough issue of recognising you have a debt problem and dealing with it:

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Chances are the rot will stop you before you stop it. When the debt gets just too high and you start getting in to a situation of borrowing to pay off the debt, the time will come soon after when the rot will stop you and you can borrow no more either from common sense or from the fact that lenders draw the line for you. Either way it is time to stop. Perhaps you are reading this because you have decided to change your life for the better or because some one has decided for you – but stop you must.

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Well it’s about debt – tons of it!

In fact a huge mountain of debt which is in fact all around.
We might ask why it is that the UK now has in excess of £1.2 Trillion worth of personal debt – what is driving the ordinary Joe and Josephine Bloggs to run up huge debts that they know they cannot pay back?

We might argue it is an excessively materialistic, ‘I want it now’ type of society with shallow values that we live in – that might be the case.

In my own case I came out of a business where I had just taken too many risks with my money which meant when the (I know now) inevitable came, I wound up with a huge pile of debt that I had to find a way to deal with – and without a job to provide any hope to anyone. The worst thing about this is of course is that while other people are in debt because they have bought too many clothes, gone on too many holidays and had a high old time of things – I worked jolly hard to get this broke, with not much fun at all.
Bankruptcy loomed large and was discussed as a realistic alternative, but we escaped that peril (for now at least) and have re-organised our lives around the new situation and found that there are a vast array of ways to reduce expenditure and manage a situation which (certainly at the outset) looked insurmountable.

This blog is intended to share some experiences, but more particularly some knowledge. The intention is to help others in a similar situation find a way out of the hole and, by the way, develop perhaps a new philosophy on life that is at once both a better approach to living and less wasteful overall.

This all sounds a bit worrying, so let me say this: before we get started here, treat this as a fun challenge one that is both physically and intellectually demanding. Managing large amounts of debt will take you to places you have never been before: some dark, some so full of light they will bring a tear to your eye. It is a journey with a beginning a long middle bit and eventually (we hope) a safely arrived at ending.

Further Reading: www.cash-drive.co.uk | www.cars-and-money.co.uk