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22 June 2024

Debtors, stop focusing on more credit, focus on your current debt-crisis

Theda Muller

By Theda Muller

Why are many of you more concerned about how tarnished your credit record will be if you opt for a restructure of your current debt? Why are you not realizing that there is only one route and that is remedial as it will give you huge relief and ensure that you are on your way to debt-recovery? So STOP focusing on whether your bank creditor will blacklist you or not?

What difference does it make if you are blacklisted for 12months or more because you need the time to recover from your current debt-crisis by focusing on meeting the commitment of your newly restructured EMI’s!

It amazes me when speaking to debtors who are facing dire debt-crisis problems that I find they are not even concentrating to focus on their current situation where many are in multiple months of default, but they are focusing on what other loans and credit cards they can qualify for to cover the current holes!

Listen up! That’s exactly what it is, ‘making more holes to cover old holes’ and then being saddled with higher debt where you could not manage your current liabilities, so how on earth are you intending to manage more?

When will it sink in that…

The road ahead is going to be tough,  with full commitment:

Restraining yourself from your normal overspending plastic and money you have not yet earned;
Meeting all of your newly restructured EMI’s even if you have minimal balance left;
Trying by other means to generate an additional revenue funnel because by now you must realise that all little bits help and you will need it;
This is a lesson of:
a.       Endurance

b.       Commitment

c.       Sacrificing

d.       Loyalty to yourself and your creditor

e.       Suffering along the way as this is the lesson, because when you are unable to go out and spend like you used to then it’s painful, it’s not a good feeling, it’s depressing and frustrating but that is the lesson of debt as you will learn not to repeat it in the future

f.         Rather focusing on all these new tough habits you must acquire, focus on what is good in your life, rather than continue beating the old story.

You need to understand that you have acquired a bad habit of just securing credit where after sometime it got out of control, which is why you had to opt for the remedial alternative. So continuing to search for more credit will be a temporary fix if you are successful, but then the lesson becomes tougher and maybe you won’t be so lucky to secure your creditor’s approval for remedial alternatives.
When you are repaying debt more than your salary, then realist it is time to STOP! By this time your debt situation is already out of control, where avoiding your creditors will be detrimental to your situation, family life, work environment, health and happiness.
Don’t wait until the creditor knocks at your office door and you are served not only with their legal notice, but also with your employer’s first warning letter and if it persists, then termination from your employment is inevitable.
Learn to condition yourself right now to think long-term because there are no short-cuts to becoming debt-free, you must do the time, the sacrificial journey of recovery is the most integral part of complete recovery.
Ask yourself ‘do I want to learn a lesson?’ and if you do, then stop right now from continuing to seek more credit because according to me, you must suffer and I am not just talking the talk, I have walked the walk. I have browsed through stores for years whilst being unable to purchase what I wanted during my recovery and I am not sorry today. The moment I dream of credit, I ensure I see the horror story in front of my eyes which makes me stop in my tracks. You should learn to do the same as it will serve you well.
There are many creditors and other well experienced individuals out there that will support you, but only with the right attitude and mindset so you need to emerge yourself into all the self-help transformational resources available out there that can teach you new tools and techniques, for free. Learning and growing from this nightmare is the best antidote you will find because know that it is your job to transform you life from hereon, not anyone else’s but yours, so you must learn to take full ownership and responsibility for your actions and forget about more credit now or in the future.

There is a lesson in all we face and it is up to you to improve your disposition to create a better life for yourself!