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Pay Debt Now - Politics, Business, Civil, History - Posted: 24th Mar, 2008 - 3:33am
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Post Date: 7th Mar, 2008 - 10:04pm / Post ID: #
Pay Off Debt Now
Pay Off Debt Now: 5 Steps To Getting Your Finances in Order
In our world of dizzying change, nothing is more true than the time honored statement that circumstances always change.No where is this more true than with financial issues.Have you ever borrowed money, or charged up the VISA card at Christmas, all the while telling yourself that you would pay everything off with a coming tax refund or bonus?Sound familiar. And...
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| Step No. 5: Get help. For some people, the problem of overspending is a psychological one. Spending can become a habit that's as difficult to kick as alcohol, drugs or gambling. Sometimes, it's due to circumstances they truly could not avoid: medical bills or divorce or loss of a job. |
This seems to be more of a problem than was realized before.
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| "Why We Borrow Until it Hurts" Leveraging Lets Us Gain in the Short Term -- and That's When We Stop Thinking By Michael S. Rosenwald Washington Post Staff Writer Sunday, March 23, 2008; Page F01 ...Seeing "Zero Percent Interest Until Next Year!" on envelopes causes us to tear them open, find the Web address, enter some information and send new credit cards hurtling toward our mailboxes. Financing cars for three years is so passe; we finance them for six or seven. And now we buy -- or used to buy -- houses with pick-your-payment mortgages. We are leveraged from here to China. U.S. consumers spend more than 14 percent of their after-tax income just to stay current on household debt. The question worth asking now is: Why do we love leverage so much that it hurts? The simple answer, according to personal finance experts, is that we want more -- more money, more house, more car, just more, more, more. We often think we deserve more. Leverage gets us more. With historically low interest rates, leverage is the easiest and quickest tool to get more stuff. The problem is that too much leverage has a downside that is easy to overlook. When everyone else is using leverage so successfully to get more, do we wonder what will happen if interest rates go up? Not so much. This is where the simple answer breaks down. So we turn to the more complicated answer: Blame our brains. ..."You would expect logically that the borrowing and spending of money would be emotionally painful to people because having money is intrinsically a good thing, and having less money would have to be worse," he said. "Going from more money to less would be painful." If only that were true. "When people borrow and spend money, it's really the reward centers of the brain that become activated," Zweig said. "When you borrow money, you are thinking not about the long-term consequences but the short-term result: You have more cash in your pocket. The pain you are going to experience down the road of having to pay -- that's in the future, it's remote, it's abstract." |
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TOPIC: Pay Off Debt Now