I'm sure you are able to relate to this subject in some way or the other or you reading this just to be cautious.
Whatever the situation is, if you are in a financial burden, there is no meaning in getting along with it without doing something feasible or logical about it.
There could be situations where you are unable to pay your monthly bills; there could be a situation where you are unable to cope up with the soaring family expenses and so on.
Instead of ignoring the current situation or just giving it a passing thought, you need to sit and work on it.
If you are single sit and think about it alone and if you are married sit and think about it with your partner.
Here let's think about a situation where you are burdened with your monthly bills like credit cards outstanding, loans or other personal expenses.
The foremost attention should be given to your debts; I mean your credit cards and bank loans as they charge huge interest rates and ultimately eat into your earnings putting you into a vicious circle of debt.
You need to take certain steps which we would analyse below: The biggest mistake most of you make is that you don't keep a track of your total outstanding, the interest you pay on that fearing the kind of tension and insecurity that brings in you.
You tend to ignore it and jus move on by somehow paying the monthly minimum to be paid.
First thing you need to prioritize today is to check the credit card outstanding and then the bank loans.
Try and see if there is any means by which you can pay it off.
Check if you can sell off some immovable property or jewelry to fund it as those things you could make later.
The kind of interest you pay every month on your credit cards; if you save you can make many immovable properties or jewellery like that.
Just get rid of those debts first.
If you don't have any assets like that, talk to your parents, your good friends who trust you, your partner and ask them some money and give them a date when you could pay it off.
It has got two advantages.
You need not pay interest for that money you borrow and you get some time to plan and pay it back.
Okay what if it too do not work out.
Go and talk to a good debt management company.
They will speak to banks and provide you a feasible solution which will be by any means profitable to you.
The only danger here could be that it could cause a dent on your credit rating.
Getting future loans would be difficult.
But after learning the ill effects or these loans and credit card bills, would you really look out for a future loan or credit card? Now, once this is done make adjustments for few months still your financial position is stable.
Have a check on your expenses.
Do some forced savings.
Try to create a alternate income.
They are hundreds of opportunities out there wherein you can work from home.
If you are good at writing, write online.
An alternate stream of income will always provide you some support.
Finally everyone makes mistakes.
Your financial position today is because of your past mistakes.
But when a person repeats a mistake after realizing it, it's a crime to yourself.