By Dee Dee Sung
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Q: I need help ASAP. I don't really know where to begin. I am about $50,000 in credit card debt. I would like to know where I can go to get help without going the bankruptcy route because I really do not want to do that.
Thank you.
A: I applaud you for having the courage to face your debt. Always remember that you are not your debt for that will free you to make conscious financial choices from this day forward.
With regards to getting help, you can explore the options of working with a debt consolidation, credit counseling organization or, a debt settlement company. The former will assist you in lowering the interest rates on your credit cards and consolidating your monthly obligations into one payment. Your outstanding balances will remain the same. The latter will counsel you and assist you in negotiating with creditors to reduce your balances to a certain percentage of where they're currently at. It's important that understand the difference between the two types of services and that you do your research when selecting which company to work with. Make sure that they're trustworthy and reputable.
I've always maintained that what you think about, you will ultimately bring about in your life. It is the power of our thoughts that have the ability to shape our results. Therefore, it's important that you take a close look at what your belief system is around money.
• Do you think it's scarce and unavailable to you?
• Has carrying this debt load become a familiar, if not welcome comfort zone?
• Does spending give you immediate gratification?
• Do you believe that you can climb out of this mountain of debt or do you feel that it's a hopeless situation?
We have approximately 45,000 thoughts that cross our minds each day and it's important that we be in charge of the quality of these thoughts. When you take the time to look at what behaviors created your spending habits and your burdensome debt load, you can then create new, positive behaviors that will support you in becoming debt free. Many people who manage to get debt free often find themselves back at debt's doorstep because they didn't know how to change their emotional relationship to money.
Simply put, you can't repeat the same behaviors and expect different results. Above all, know that this will take some time, so be patient and you will become debt free. You're worth it!
Metro Detroit speaker, author and syndicated radio personality Dee Dee Sung is the founder and creative director of The Debt Free Diva with a mission to educate, entertain and inspire people in reinventing their relationship to money. Be sure to listen to Magic 105.1 every Sunday at 7:30 a.m. for "The Debt Free Diva" talk show. To learn more, visithttp://www.debtfreediva.com.
