It’s a common problem. Unexpected bill, very enticing offer from a local retailer (new beds/computer/lounge/…) or a long overdue holiday and all of a sudden there is a debt that needs to be paid off. Money was tight already and now there is a personal loan/credit card/”interest free offer” loan on top of that all. You wonder if you will ever get a break.

If you were struggling as it was (on your income and level of expenses) than this has not made things any easier. The (financial) temptations we encounter every day can be hard to ignore. Ever noticed how the tv, magazines and billboards just tell us to buy, buy, buy? And they are very clever in how they deliver their message. Years and years of study on what motivates us most to buy. Scores of psychologist and behavioral experts to help the makers of “stuff” get to us.

Don’t get me wrong, I love “stuff”. I want more of it. But I also realize my “wants” will exceed my “can affords” every single time. So I stick to paying cash. Pay off the credit card every month. practice delayed gratification. Not the most popular choice perhaps but one that works well, every time. And it also fills me with real excitement when I am finally able to buy the new “stuff”.

If you have gotten yourself in the trap of too much debt, there are solutions. I have written some papers on debt management. If it is credit card debt, a balance transfer might be the right solution. (Just make sure you close the first card and make changes to your spending as well). If you do, there are a few keys to improving your chance of approval. call me if you want find out. In extreme situations, a debt negotiation might be needed. CAP does this and its a free service.