According to Investor Words, “Debt is an amount owed to a person or organization for funds borrowed. Debt can be represented by a loan note, bond, mortgage or other form stating repayment terms and, if applicable, interest requirements.” In other words, if you owe, you must repay. Debt will take over your life if you do not do anything about it, as well as acknowledge self and behaviors.
Debt. Elimination. Becomes. Torture. That is the acronym for many who are on the never ending cycle of negotiated bill payments, debt consolidation and bankruptcy. You may find temporary relief to pay down debt, but until there is self-acceptance it will never be a complete and lasting elimination of debt. You will agonize over the pile of bills that you have quickly accumulated and find yourself haunted by statements.
Many individuals want to eliminate debt before accepting what is going on with self. Keep in mind, debt elimination begins with you just as the accumulation of debt began with your actions and lack of responsibility. Until you deal with why debt is present in the first place, it will repeatedly occur. That is exactly why there are a high percentage of people constantly maxing out credit cards and filing bankruptcy more than once.
For those of you who wonder why you are on the financial roller coaster; simple, you have not addressed the real issues.
Here are the reasons why you cannot eliminate your debt:
Do not know your total debt. If you were on a game show and the host offered to pay off your debt providing you were able to disclose the total amount, down to the penny, would you win the grand prize? Think about that for a moment. If you truly want to get out of debt like you cry to self and others each day, you will know exactly how much you owe. Over the years, I have expressed how important it is to build a relationship with your finances. It is a sign that you are serious about debt elimination.
Do not know your spending triggers. How many times have you said, “I don’t know how I maxed out my credit card?” You know! It was more than just generously swiping at every sale. It was because you spent money whenever a certain mood or occasion occurred. When there is a problem you want to fill that void to make yourself feel better. Figure out what emotions causes you to max out your limit.
You’re not honest with self. Lies! You tell yourself whatever you need in order to feel good about your decisions. Trust me when I say, “You are not the person to save everyone.” You have become delusional with your money, decisions and lack of planning.
You refuse to face reality. The reality is that you are not able to manage money. Stop blaming your current situation for the cause of debt. Your debt began with your decisions. The reality is that you want to spend money to look good, feel good and make others rely on you. Change how you think and treat money, and then you will change your balance in the checking account.
You continue to make excuses. It is easy to give up, but harder to work to accomplish the things you deserve. Yes, you deserve to live a life of freedom. Get out of mental and financial bondage—today.
Do you want to eliminate debt and stay out of it? I’m sure that you do. First, you must have a healthy relationship with self before you can have it with others, your money and success. Otherwise, you’re setting self up for failure due to denial.
As you see, the next time you view an advertisement to consolidate your debt or file bankruptcy, do not call the number. The service will only provide you temporary relief. You will not be able to stay out of debt until you get your behavior together.
Bahiyah Shabazz is the President of Shabazz Management Group, Fabulous & Money Savvy and BROWN GIRLS DO INVE$T. She has appeared and given financial advice on various media outlets, and is the author of Women Building Wealth.