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Debt – The Crushing Burden of Heavy Debt
Keep the word ‘modest’ in mind
Hopefully, you are unacquainted with the crushing burden of heavy debt, especially if you’re married and have a family. You don’t want to go there. Sadly, you may be there now, or will be in the future. But there are ways to guard against it. Keep the word ‘modest’ in mind when it comes to getting into debt for those things that you strap yourself with when it comes to asset purchases, be it housing, transportation, etc. Education debt should also be modest; it generally pays to get an education, training, certification, etc. Ponder and consider your entire package of housing, transportation and education and really think about how you will repay each of these things, especially when you will be planning on sustaining a family and household. Maybe you can find a way to pay as you go when it comes to education, technical training, certifications, etc., and not accumulate enormous education debt at this time. Go with your gut, and don’t look back. But, keep it all modest, and you should be fine. If you’re not modest now, should you fix it by downsizing?
Dangers of debt
Debt is slavery, or a bondage. It means that you are bound and subjected to being controlled by the payment of interest and principal payments. Interest, the cost for borrowing money that is not yours, is a heavy ball and chain (danger) that is always with you 24 hours a day, seven days a week, and 365 days a year. It never sleeps. Are you one of those people who ‘leverage’ their income to acquire as much as debt as possible (to make the minimum payments), or one that earnestly seeks to repay debt as soon as possible? Do you fall for the low interest rate offers with the advertising where people look so happy, so happy to be getting into bondage? What if your income decreases? What if unexpected expenses come? Realize that substantial future income will be paid as interest expense, monies that could be spent on other important areas. Do you have savings for an emergency, like for new tires, a medical expense? How is your financial well-being in terms of having things in order like you want them to be?
Are you wise?
Do you know that a Tunabudget worksheet plan will show you where you’re at financially, help you understand why you are where you are, and let you clearly see a path to where you want to go? Isn’t it time to go about managing your finances more wisely?
Test yourself as to your wisdom…
What does it really mean to avoid debt or excessive debt, to live modestly, or to get out of debt, and stay out? Or, to live within or below your means? Or, to pay as you go? Are you really that willing to rush into debt and become a slave to a creditor? Why is it that you want to buy now and pay later, and not save now and buy later? Is buying all this stuff on credit real prosperity, or real wealth? What about being more discerning between wants vs. needs, does that work for you?
Or, were you gullible, and got sucked in?
Okay, sit tight. You are now going to take a walk down the road of debt’s heavy crushing burden. It is rarely spoken of, isn’t it? To start, too many people have experienced debt’s overwhelming crushing power, and precious things have been lost. You may know this yourself. To those people, maybe most, they would avoid ‘going there’ again at any cost, any low interest rate, regardless, ever again. Crushing is crushing, which means to press or squeeze with a force that destroys. But. But. But. Before going on, remember first the happy advertising, the excited couple and family on that ad to borrow at such a low rate? How can that be, what went wrong? They didn’t look like they were being crushed, but just the opposite, right? How did you get lured in?
The burden of debt creeps under the door
The burden of debt emerges when, for a number of reasons, some that you may have no control over, you are no longer able to make the payments on all your debts and the rest of your budget is stressed too. You begin to realize that the very place you’re living in is also in jeopardy, and to where and how would you possibly move? You know the risk is at your door; no, it’s more than that; it’s in your heart and mind every minute of the day. You cry in despair, and try to maintain your composure. You are aware of those other budgeted expenses that also need to be paid, including food, your child’s class activity, gas for the car, and other things. You know that your secured borrowings are now at risk, for your extravagant residence and top of the line transportation, and you’re having a hard time thinking how you’ll come up with the money. You have debt on your toys too. Your unsecured credit card borrowings are extra heavy because you realize these creditors can sue and get a judgement against you, leading to garnishment of your bank accounts. Default interest rates will be applied making it more impossible to pay, and collection fees will be applied for good measure.
Are you really all that wise after all?
Further deterioration will lead to a bruised credit score profile and possible bankruptcy. You wonder about whether and when you’ll ever be able to borrow again, get a new mortgage, or car loan. What if you need to but can’t sell your home fast enough to capture some equity to pay off debt, etc.? The anguish is overwhelming, and you’re crushed; your burden is too heavy. You are no longer sure what your spouse is really thinking and wonder how she is taking it, and you ask yourself if she’ll continue to stand beside you – even though you know your spouse has always been at your side as an equal partner and works hard too. Both of you are now worried sick about the welfare of your children who are young, and don’t understand what’s going on. No more going out on the town, the parties and friends, vacations, the holidays – how about school clothes? There’s very little cash, no more borrowing availability on the credit cards, no more savings; your car is on empty, and so are you. Maybe you get some unemployment income that won’t be enough for everything; job prospect, at least one that will even pay the bills is not looking good. The burden is becoming overwhelming and crushing.
Starting to humble down, or still prideful?
You’re really now at a cross-road in your life – which can be a good thing if you’ll let adversity teach you instead of destroy. You can let your pride take hold, sorry, but it’s pride – because you can’t see it – so just accept it, and ruin your life, or you can do the opposite. For those that will choose the better road, the word ‘humility’ seems to be appropriate. Tunabudget believes there is nothing that two humble spouses, or a humble individual, as your case may be, cannot fix. There is always a solution for any crisis, any problem, any debt load, anything. Whatever ‘humble yourself’ means to you, do it. Apologize. Go to bed. Play with the kids. Just be nice, to her. Tomorrow will be a better day because you took the right road so just bank on it.
When you’re on the right road, you’re ready to ask for help
Put together your Tunabudget worksheet plan to see the stark naked and exposed dire straits you’re in and let it sink in a day or two, and then start asking for advice from those you love and trust. Ask for assistance from your siblings and family to keep the lights on, gas in the car, and food in the fridge. They have a natural duty to be there for you, and it is long past time you became close with your siblings once again. Thank about it. Solutions will come because you’re on the right road so stop worrying. If you still have any contention in your heart, know one thing: you are prideful; you are wrong. Sorry, but it’s true. Simply choose the other road, get on it, and start walking. The saying of sorry, or I love you, and asking for help will be your next steps. Do you get this? If not, take a few more minutes and go back, picture or feel for yourself in your own possible overwhelming debt load situation and the effects of its crushing debt burden. Enough said.
CANDID QUESTIONS
Have you been crushed with the burden of overwhelming debt?
How did you survive it?
If not, can you imagine how fast you could be in trouble if your income was materially impaired and it lasted for quite some time?
If you know of someone whose income has been reduced, what does your heart tell you to do to go and relieve some of that burden?
If you anonymously left a porch full of groceries or a personal note of reassurance with your unemployed or sick neighbor or friend or family member, what good do you think you will have done?
Do you think this person would ever forget it?