By: MJ Gonzales | Executive Chronicles
In movies, hiding from creditors is “debt-defying” moment for lead stars. We can relate to their stories and see creditors as villains for putting miseries in main characters’ lives. However, do you wonder how many films or series that show paying debt is a motivational story and liberating? Here are four possible reasons behind still unpaid debts or debt-ridden:
- You don’t take it seriously. It is understandable that you have other priorities like paying bills and putting foods on the table. However, debt is also an obligation to shoulder until you cross it out like your other problems and responsibilities.
- You don’t act strategically. Paying debts needs strategies so you can avoid penalties and sour relationships with your creditors. The rule of thumb is pay first those you can cover in full or has urgent deadlines and then, those that has high interests. In general, make it point that you feel and think that it’s always urgent to settle your debts.
You pay debt with another debt. While there some people can escape from using this method, getting debt to pay another debt is like creating small holes inside your ship to make it sink slowly and deeply. Sometimes, you may end up paying more for the second and third accounts than the first. Better find extra source of income or job that you can do till you’re full paid.
- You think ‘adjustment’ and ‘discipline’ are not part of it. Remembering you borrow from someone and planning to pay for it are good starting points. Mind setting will help you, but of course it takes actions to really pay your dues. If you are in debt-ridden, then it takes adjustments in your usual spending habits. Perhaps, minimize your visit in shopping malls and weekend getaways with barkada till you’re debt free.