Tuesday, December 11, 2012
Many families are living on debt. They keep borrowing money and using credit cards just to survive. I know one family who repeatedly took out home equity loans for years until the bank finally took away their home. It is unwise to live on someone else's money knowing it can't be paid back. It is unwise to dig oneself into such a deep debt that they can never escape.
There comes a point when one has to walk away. . .
A business would never stay open if it continually lived in the red. The responsible thing for them to do would be to close the doors, take the losses and move on. Modern families are facing the same thing, like no time in history. Easy credit, easy loans and the brainwashing in our culture that we can pay for everything later is destroying many. It has created families who are, without realizing it, living a financial lie and they know not how to recover.
The only way to stop the deadly financial hemorrhaging is to walk away and start over. Find a cheaper home - an apartment, mobile home or live with relatives temporarily. If you are renting and have a lease, explain to your landlord that you are in dire financial straights and must move. If you own a home that is far too expensive, or that has seriously lost its value and you can't sell, tell your banker about your financial difficulties and see what they can do. If nothing is available to help, then tell them to take the house back, then walk away.
Walk away, but only if you've tried everything else. Walk away and start at the bottom and begin to recover. Begin to be able to buy food again, have heat in the house and clothes that are not tattered. Begin to breathe and start over.
This may seem radical, or even irresponsible to some, but if you are continually living on borrowed money, racking up debts higher and higher with no light at the end, it is time to walk away.
There is something called debt forgiveness, and debt counseling to prevent this from happening again. Please don't continue to live on the edge of the cliff. There is help. And there is a light at the end of the tunnel.
Walk away and start again. Everyone deserves a second chance.
This post was written as a response to an anonymous comment on my Living Without Credit Cards post. There are many readers in her situation. I hope this helps them. Please realize, I am not suggesting everyone walk away from their financial obligations, but those in dire straights have that option. I do not want them to feel so trapped and hopeless that it is difficult to go on.
We must understand this - Financial Separation of the Social Classes.
Be Proud to be one of these - Blue Collar - Working Class Housewife.
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