FYI: Surviving Debt

The Challenge

We are going to address one of the biggest challenges facing everybody today—how do you survive debt? How do you get through the difficulties of today—whatever those challenges may be—and live to fight another day? Our stories are different—each with its own details—but the struggle is becoming a common one. It is more often now being felt by folks from all backgrounds as well as all income levels. Folks who have not had financial difficulties and would not have expected to be faced with them at this point in their lives are suddenly trying to figure out where to go from here, and how to survive.

A Strategy

For starters, you have to simply exist long enough to implement a strategy.  Following my divorce back in 1991, I was struggling both emotionally as well as financially. I had been a stay-at-home mom for 12 years, taking care of the house and the kids and suddenly I am a divorcee after 20 years with two kids to provide for—without benefit of child support. My mother gave me some of the soundest advice I have ever received to help me through that difficult time. If you follow it, it will help you through whatever lies ahead.

• Rule 1: Never allow yourself more than 24 hours to fuss and fret over a problem.
  
• Rule 2: When you think you can’t go on, stop, rest and TIE a KNOT.

Let me explain the rules. Rule #1 does not literally mean that you must have a resolution within 24 hours. Rather, she was saying don’t get mired down in the problem. Refuse to get stuck (depressed, cave in to a feeling of hopelessness). Take the time you need and ALLOW yourself to feel the frustration you are feeling related to the problem at hand. That may require a day or two; it may take a week. Do it. Feel it. Then shake it off and formulate a plan to deal with the issue at hand. Be conscious of the fact that you are moving through a process—with the emphasis on MOVING.  

Rule #2: This key can provide success with any undertaking. Imagine mountain climbing. When you reach a slope which is too steep or you are simply tired from the journey, stop and rest. But don’t forget you are on a slope. We don’t want to lose the ground you have already gained; so Tie a Knot. You may slip back a bit, but you won’t undermine the progress you have made already. It is paramount that you stop to analyze your situation, revise your plan from time to time and then, with determination, move forward. The combination of steps 1 and 2 can pull you through almost anything.

A Resource

One of the best resources available to help with unraveling the issues associated with your credit is called “Guide to Surviving Debt”. This wonderful book is published by the National Consumer Law Center. The cost is $20.00 for a single copy but costs less if you are buying several copies for an organization. Telephone order: (617) 542-9595. Email: publications@nclc.org

Get the resource, remember the rules and you’re on you way.  

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(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)