Excessive debt cannot be ignored.  It will not go away.  You can ignore past due bills, but you do so at the risk of finding yourself in even worse circumstances.  A chain of events are triggered when you do not pay your bills.  Creditors can take action against you, the past due bills can be turned over to a debt collector, your property can be repossessed, your wages garnished, and so on.

 

While debt bondage is the result of unwise decisions and excess credit purchases, there is no easy way out.  The reason people find themselves in this position is that they spend more than they earned and the only way out is to spend less and pay the difference on their debt balance.  The only way out of this dangerous situation is to be in control of their spending and put themselves on a budget, which is just a written plan that provides oversight and guidance to their spending habits.

 

 

Your thoughts on this subject?  Your comments appreciated!

Content © Rich Brott, 2011

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