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29 March 2024

Personal finance: Coming out as a debtor… Do it now

Theda Muller

Published
By Theda Muller

Debtors, why the continuous reluctance to come out of the debt closet, because it will change your world more than you can imagine?

Corporates HR departments should also take heed as this problem is direly affecting their company’s productivity and performance as debtors are spending their working hours on phones to creditors trying to keep them away from visiting the offices, which we have personally had much of over the months.

These facts should give you a wake-up call if you continue hiding from yourself, your creditors, family, work colleagues and management and other people who are in the cycle of your life:

·     You will continue existing in a state of confusion, then it transforms into a comatose state, almost delusional where you start believing your own thoughts and fallacy justifications as to why you are ok when you are totally far from being ok;

·     Your situation will progressively become worse and will snowball into something that becomes uncontrollable where the only outcome is that you lose everything as you have no more choices left;

·     Everything and every situation in your life starts declining and when it becomes worse, then you should not say:

i.     ‘Why me?’, OR;

ii.     ‘It doesn’t rain but it pours’, OR;

iii.     ‘Why am I so unlucky!’,

Because we are always in control of our lives so any situation that realizes, is a direct result of our very own creation because nobody else can create our reality, only we can.

I know that in your mind you know there are people that can help, if not your creditors but I also know how hard it is to take that first step because as humans we are full of ego, pride, importance that we placed upon ourselves, losing your face with family, friends and other people you consider to be important where the only important fact is that you feel the need to continue putting up a façade to impress others….

No need……..

Learn to be a real person who takes ownership, accountability and responsibility for your actions because it will serve you. You cannot continue dismissing your debt-crisis situation and tell me at this point when you have nowhere to turn that you have been fine for the past months, that this situation only popped up now because you are wrong, subconsciously you know that’s not the truth because when you know a debt situation is lurking in the background, then you tend to ignore it but right now you know that it’s no longer possible to continue, correct?

 
So why make like nothing is wrong when everything is wrong?

When you want change in your life then only you can make the concerted effort to action those changes. You can continue to keep creditors at bay for only a limited period, then you cannot make the payment cycle and boom, the entire debt situation flares up in your face. It does become progressively worse if you just sit there, imagine stuff that does not exist and expect a miracle to appear tomorrow morning without you taking action.

Facing a debt-crisis where you don’t take action has serious repercussions and consequences and then when you reach that pinnacle, it’s almost too late to do your damage control.

Realise that creditor are human too, they have debt, families, problem situations and so don’t assume for one second that many of them won’t have empathy and understand your situation, because you are wrong, I have been there, got the most support that overwhelmed me at the time and today, I still maintain those relationships. So you don’t know what the future holds, anything you wish for in your future can evolve out of you just taking this first step!

Stop procrastinating and just shelving your decision to take action each time you feel the need to take action, just do it, don’t think about anything else as it is your moral duty to yourself to follow your intuition. I know most times we feel like we must do something and take action but then that little voice inside of us whispers ‘do it tomorrow, no need to do it today’ and we just follow that feeling but it’s wrong because you don’t know what consequences can arise for you tomorrow that is bad or negative.

So there is no time, the time is now, right now, not tomorrow. Do yourself a favour and learn to love yourself more so you can feel that you deserve a better chance in this life, that you don’t have a contagious disease and that you are not a criminal and that finally, you need to emerge debt-free on the other side having gained much experience and live a happy life once all of this is over because you can, it’s simply up to you!

[Note 1:  Theda Muller is a UAE-based author of two books: Embrace Financial Freedom Volume One: 10 Proven Ways To Release Debt And Emotional Fears In Today’s Economy, and Volume Two: Releasing Fear And Bouncing Back From A Debt Crisis. She also conducts webinars and workshops on debt recovery.]

[Note 2: The views expressed are the author’s own and do not reflect in any way, the views of Emirates 24|7. Readers are advised to carry out their own due diligence before taking any decision.]