{"id":2344,"date":"2014-09-04T18:52:19","date_gmt":"2014-09-04T15:52:19","guid":{"rendered":"http:\/\/secretformulaforwealth.com\/blog\/?p=2344"},"modified":"2018-10-10T19:05:39","modified_gmt":"2018-10-10T16:05:39","slug":"when-in-debt","status":"publish","type":"post","link":"https:\/\/secretformulaforwealth.com\/blog\/personal-finance\/when-in-debt.html","title":{"rendered":"3 Things You Should Never Do When In Debt"},"content":{"rendered":"<p><a href=\"http:\/\/secretformulaforwealth.com\/blog\/wp-content\/uploads\/2014\/07\/when-in-debt.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft size-full wp-image-2345\" src=\"http:\/\/secretformulaforwealth.com\/blog\/wp-content\/uploads\/2014\/07\/when-in-debt.jpg\" alt=\"When in debt\" width=\"200\" height=\"133\" \/><\/a><span style=\"float: left; font-family: Georgia; font-size: 300%; line-height: 0.8em; padding-right: 6px;\">C<\/span>onsumer debt is usually a symptom of a bigger underlying problem that can grow to staggering proportions if all you do is treat the symptom while ignoring the disease.<\/p>\n<p>Quick fixes are usually short-term solutions to a long-term problem.<\/p>\n<p>When your debt gets out of hand you can very easily become despondent, and find yourself so desperate for money to pay off the debt collectors that seem to have fun in lowering your self-esteem, that the only solution seems to be borrowing more money.<\/p>\n<p>That&#8217;s no way to live. You need to be keenly aware that thriving is what you should be aiming for, and not just struggling to keep up with your expenses month after month.<\/p>\n<p>Here are three things you should <em>never <\/em>do when in debt.<\/p>\n<p><strong>1. Continue along the same spending path <\/strong><\/p>\n<p>If you are continuously borrowing money to sustain your current lifestyle, you need to take a step back and see the wood from the trees. Meeting today\u2019s expenditure with tomorrow\u2019s income is certain to keep you always short of money.<\/p>\n<p>An adjustment in mindset and behaviour can go a long way in helping you shift from this pattern. You have to get out of the trap of buying things you don&#8217;t need, yet can&#8217;t resist because of the way they are marketed to you through all sorts of media.<\/p>\n<p>It is very easy to continuously borrow from Peter to pay Paul figuratively speaking, yet fail to reduce the overall amount of consumer debt you carry.<\/p>\n<p><strong> 2. Pray and wish that the debt will somehow go away<\/strong><\/p>\n<p>Based on the golden rule: &#8220;<em>Do unto others as you would have them do unto you<\/em>&#8220;, you have the responsibility for paying back what you owe.<\/p>\n<p>Hoping that somehow your debt will go away without any effort on your part is not a strategy that will get you out of debt. This form of lottery thinking can actually prove to be very detrimental.<\/p>\n<p>The reason so many people secretly use it as a strategy is because it is easy to do. We are always looking for the easiest and quickest way to get out of any uncomfortable situation.<\/p>\n<p>Digging your head in the sand to avoid danger like an ostrich will not do you any good.<\/p>\n<p>When in debt, it is important to devise means of paying off what you owe as opposed to looking for ways to avoid your responsibility towards your creditors.<\/p>\n<p><strong> 3. Hide and hope your creditors will just leave you alone<\/strong><\/p>\n<p>Hiding from your creditors until you have the money to pay them may sound very appealing, but spending the rest of your life looking over your shoulder should you fail to come up with the money, is no way to live.<\/p>\n<p>If your willingness to repay your debt outweighs your ability to pay, you can always negotiate. This is one of the best skills that can get you out of a rut.<\/p>\n<p>Negotiating with your creditors will usually give them a sense of comfort that even if presently you do not have the capacity to pay, based on your character as exhibited by your<em> willingness<\/em> to pay, a loan workout arrangement can be agreed.<\/p>\n<p>Your attitude is everything when it comes to getting out of debt. I have actually met people who blame banks and finance companies for offering to lend them money <em>they<\/em> did not need, thus plunging them into a debt spiral, as if they could not resist borrowing the money.<\/p>\n<p>People are more open about their income than they are about debt. It&#8217;s like a dirty little secret that no one wants to talk about until it gets out of hand (as it normally does).<\/p>\n<p>If you\u2019re struggling with debt and simply can\u2019t see a way out, <strong><a href=\"https:\/\/secretformulaforwealth.com\/blog\/debt-free\">click here<\/a><\/strong> to download a copy of<strong> <a href=\"https:\/\/secretformulaforwealth.com\/blog\/debt-free\"><em>7 Steps To A Debt-Free Life<\/em><\/a><\/strong>, your complete step-by-step guide to getting out of debt and staying out of debt\u2026 starting today.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Consumer debt is usually a symptom of a bigger underlying problem that can grow to staggering proportions if all you do is treat the symptom while ignoring the disease. Quick fixes are usually short-term solutions to a long-term problem. When &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"more-link\" href=\"https:\/\/secretformulaforwealth.com\/blog\/personal-finance\/when-in-debt.html\"> <span class=\"screen-reader-text\">3 Things You Should Never Do When In Debt<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[15],"tags":[248,245,247,246],"class_list":["post-2344","post","type-post","status-publish","format-standard","hentry","category-personal-finance","tag-help-when-in-debt","tag-when-in-debt","tag-when-in-debt-what-do-i-do","tag-when-in-debt-what-to-pay-first"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>3 Things You Should Never Do When In Debt - The Secret Formula For Wealth Blog<\/title>\n<meta name=\"description\" content=\"Things You Should Never Do When In Debt. Consumer debt is usually a symptom of a bigger underlying problem that can grow to staggering proportions if all you do is treat the symptom while ignoring the disease. Quick fixes are usually short-term solutions to a long-term problem.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/secretformulaforwealth.com\/blog\/personal-finance\/when-in-debt.html\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Augustine Mwanje\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/personal-finance\\\/when-in-debt.html#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/personal-finance\\\/when-in-debt.html\"},\"author\":{\"name\":\"Augustine Mwanje\",\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/#\\\/schema\\\/person\\\/14f29a24185de7755126b1b233673cb8\"},\"headline\":\"3 Things You Should Never Do When In Debt\",\"datePublished\":\"2014-09-04T15:52:19+00:00\",\"dateModified\":\"2018-10-10T16:05:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/personal-finance\\\/when-in-debt.html\"},\"wordCount\":668,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/personal-finance\\\/when-in-debt.html#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/wp-content\\\/uploads\\\/2014\\\/07\\\/when-in-debt.jpg\",\"keywords\":[\"help when in debt\",\"When in debt\",\"When in debt what do I do\",\"When in debt what to pay first\"],\"articleSection\":[\"Personal Finance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/personal-finance\\\/when-in-debt.html#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/personal-finance\\\/when-in-debt.html\",\"url\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/personal-finance\\\/when-in-debt.html\",\"name\":\"3 Things You Should Never Do When In Debt - The Secret Formula For Wealth Blog\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/personal-finance\\\/when-in-debt.html#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/personal-finance\\\/when-in-debt.html#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/secretformulaforwealth.com\\\/blog\\\/wp-content\\\/uploads\\\/2014\\\/07\\\/when-in-debt.jpg\",\"datePublished\":\"2014-09-04T15:52:19+00:00\",\"dateModified\":\"2018-10-10T16:05:39+00:00\",\"description\":\"Things You Should Never Do When In Debt. 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