Today, ladies and gentlemen we have a guest post from a financial writer who goes by the name of Andy. Andy reached out to me and asked if it were okay if he could write me up an article on debts and death going hand in hand. I was… intrigued as to what he had to say, so I gave him a shot and needless to say, I was impressed with what he had conjured. Give it up for Andy.
How many times do the thought of imprisonment and death cross our minds, as we go ahead to take on debts?
Guess it’s never, for the most of us!
We humans are more concerned about circumstantial actions rather than thinking about the consequences. Those who think otherwise, are the wise ones!
This blogpost is dedicated to all those folks, who are depressed and living days being a debt fugitive.
How long do you think you can run with debts all over you? Death is coming sooner to you than you can imagine.
Debt and death go hand in hand, you better watch out, and should come out of the mess, before the whole scene goes up in flames!
What does the proverb “Debt and death go hand in hand” really mean?
Debts won’t readily kill you. They are silent poison killers, who will drag you by the stone and then shoot you down, mercilessly.
Obviously, this is not any kill bill going on out here. Creditors and collectors don’t always carry guns and bombs to pull back debts from you (though sometimes they do).
What I am talking about here, is that debts have a huge negative impact on your life and psyche!
The sense of holding onto something, that’s legally not yours, is a real bad feeling.
This corrodes you from the inside. And, until you are able to rightfully pay back the debts, you can’t sleep at ease!
Most of the debtors in our country live in depression and anxiety, with unrest going on in their families.
Many end up getting divorced, while few committing suicides is not unknown! Then there are cases, where people are actually murdered for getting indebted in huge amounts, that too with the wrong guys. Examples could be that of payday lenders, who are also gang leaders when the sun goes down.
There are so many ways you can die, man! But dying from debts, is probably one of the worst ways! Plus creditors can be real bad, and even start to harass your family and friends if you die before the debts get paid.
Mortgages, car loans, student loans, and credit cards are the pivotal role players in the game of our country’s debt. The current US debt is in double digit trillions, and families have started to suffer under its sheer pressure.
Most of the millennials don’t have a stable financial life, and a big reason is all the four debts just mentioned above.
The impact of debt on individuals is a broad scenario. Among all, depression and a deteriorating mental health top the list! When we look at today’s youth and students, they seem troubled and burdened. Education has become very costly, and so is paying for it.
Out of frustration, many young minds get derailed to a world of substance abuse and unethical activities.Their families are torn apart, and all end up in devastating states, with debt amounts everywhere, wherever they look!
A debt free lifestyle is all that we want to live, but only a few can succeed at living it. Hence, it’s high time we truly start talking about how to come out of the debt mess alive!
Can budgets help you live a debt free lifestyle?
I can’t say that I completely rely on budgeting strategies to keep my finances straight. Many work out with pen and paper budgets to organize their money. But, I feel, that budgeting is something, that you have to do in your mind.
Budgeting is more oriented towards lifestyle changes, rather than arithmetic calculations. You have to be definite at making financial decisions. You need to be specific at determining your needs and wants!
Budgets are no doubt good at keeping track records of your expenses and where your money goes each month. But, the real art is understanding your expenses, rather than manipulating their numbers.
For saving money and becoming debt free, cutting back isn’t always the answer. Still, for many of you who depends on budget rather than morales, I have a nice budgeting in my head.
This is the nullification budget or most commonly referred to as the Zero Based Budget. I have talked about this one many times, to many people.
I kind of like this budgeting because this depends on probability and intuitions. And, instead of plain and simple math, this one involves decision making and reasoning unlike the other ‘plus-minus’ budgetings!
In a Zero Based budget, you will be figuring out all the expenses you generally have for a month. These can be anything! Whatever expense you want to fit in, you write it down along with the amount it requires.
Then you keep on adding your expenses, till you exhaust your total salary. If you come to a point, where you are left with ample dollars but no useful expense for it, then put that amount down for savings!
I find this budget to be interesting and practical, as in the end you have a full idea of what expenses you are about to take on, in a specific month!
Still sometimes, budgeting and normal spending behavior changes might not be enough to come out of the debt mess.
A nice debt relief option is probably what we need, when we already have too much debt to fight. Living a debt free lifestyle is only possible, right after you get freedom from debts.
Not discussing bankruptcy as a debt relief options here, since it is itself a vast concept altogether. So, leaving that aside, we have debt consolidation and debt settlement.
I personally don’t quite prefer consolidation as a remedy for paying off old and huge amount of debts. I am always hands down for debt settlement.
Use debt settlement to come out of the deadly debt mess:
Debt settlement helps to chop off big portions of the total debt amounts you owe. Applicable only for unsecured debts, it is highly useful for tackling credit card debts, payday loans and personal loans.
Take for instance credit cards, as they are the highest concern for the general public, when talking about debts. Paying off debts gets a lot easier when you use credit card settlement, instead of doing normal, regular payments.
You get to pay a lump sum amount for the debt, and remove it forever from your debt history. You will therefore be able to save significant amounts!
Debt settlement occurs when you and your creditor enter into a negotiation agreement for your debts, if you are not capable to pay the amounts in full!
You can either do the negotiation yourself, or take help of a debt settlement company, as doing negotiation with such ardent creditors can be tough!
There are so many cases, where people only paid pennies on dollars with debt settlement. Make use of it, man!
I, down here, seriously have no idea, what type of debts you own, and in what financial state you are currently in! All I can say is, die with no liabilities around! That’s all! Have a happy and peaceful life, mate!