Finance, Business, Saving

Taking Ownership or Spiral into Debt

Written by Kelly Wilson
It’s time to call the bank and talk about your debt, take responsibility

Taking Ownership or Spiral into Debt When people walk inside a bank and ask to lend money for them, they are usually confident, professional, and focused. They talk to the bank manager about their plans of investing the money and how prepared are they to pay in due time. However, not everything falls into proper time and places. Challenges may come and your goal might be shaken. This is the time when you lose your confidence and focus. This may also result to losing yourself in the responsibility of settling your debts.

Well, this should not be the case. One or two of the following might happen:

  • You will lose your focus. People who are bothered with debts tend to perform weak than those who are free of debts. They lose focus and will eventually lose control.
  • You will lose your business. Once you are no longer focused and you become bothered with your debts and the interest they gain over time, you will not be able to perform well, thus making you lose your control. When this happens, everything will fall out of place –including the reason why you walked in that bank to ask for some money to lend.
  • You can get sick. One of the results of debt is stress. And stress can result in many related illnesses such as heart and organ failure. Once you get sick, you will not be able to focus on your business, and will result to bullet number 2.
  • You can get a court order for your debts. This may lead to further trouble and problems in your end. The bank can summon you to court and discuss your debts. You will need an attorney, which can incur further expenses.
  • You will be blacklisted. Bank managers talk to each other. Once they learn about your red flag status, you can get blacklisted from all banks and will not be able to make any loan, ever again.
Taking Ownership or Spiral into Debt – Taking responsibility

Your debts are your responsibilities. No one should shoulder that for you. If you are strong enough to walk inside the bank and ask for money, then you should be stronger enough to face your responsibility and settle your debts. Once you talked to your bank, any of the following can happen:

  • The bank will recognize your effort.
  • The bank can consider your proposal. You can submit a proposal to your bank on how you will be able to pay your debts.
  • The bank can offer payment schemes that you can afford to pay your debts.
  • You can get more credit rating. You might not be able to settle everything but the thought that you are ready to make amends matter to banks. This may signify you’re focused on your goal.

Taking Ownership or Spiral into Debt, Paying debts, especially when it grew too much can be a challenge, and sometimes, a problem for many people. But it is not enough reason to get away from it. It is a reality you need to face and you should face it now.

See our Finance, Business, Saving section for life changing tips on controlling your money.

About the author

Kelly Wilson

“If you tell the truth, you don't have to remember anything.”
― Mark Twain

I am what could be considered a truth seeker, a news reported, or even to some a story teller. My version of the truth is what you will read. Its up to you to form your own version of truth.

Respect

Kelly

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