I get to see many different types of people and a lot of different lifestyles and debt grows and grows if it is not handled properly and as an example of credit card debt spiraling out of control I am going to tell you about the guy I spoke to on Tuesday morning! I am going to call him John for the sake of this bind.
John is a middle aged man who was fairly successful in his business until a few years back when the competition in his market got a little more fierce than he was interested in getting involved in. John took the decision to sell what he had to the competition and moved away from the area to be completely free from his old business and start again. Before long John discovered that his lifestyle even though he no longer had a owe was costing him a little more than he had. He decided it was time to start up in business on his own again.
He funded the new business using his credit cards and was able to pay off the credit cards in days of his business taking off. Unfortunately once again John open himself in the lay where he was pushing for more and more business and trying his hardest to get customers to come to him rather than his competitiors. Before long the amount that John had to pay back was close to $50,000 on his credit cards. Each month he was accruing interest of change state to $2,000!
Can you create by mental act ending up in $50k worth of debt? No neither could he and he was shocked and disgusted at himself when he discovered that he had allowed his competitive nature push himself from being a good competitive business man to a broke man who was going bankrupt because of his pride.
When John admitted he had a problem we sat down looked at his assets and he was able to get a debt consolidation loan on his home and from this he knows how much interest he is going to be paying and that the debt is reducing.
John has also taken a job consulting for his competitors until the debt is completely paid off which I am certain will not take too long as he is now earning more as a consultant than he was a stressed out business owner.
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Related article:
http://pryyxqvn.blogspot.com/2007/10/is-your-credit-card-debt-spiraling-out.html
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