Overcoming Debt using Forward Motion Thinking

tigger By tigger, 21st Nov 2010 | Follow this author | RSS Feed | Short URL http://nut.bz/8reygt9t/
Posted in Wikinut>Money>Debt

As you begin the financial recovery process, it is important to make sure that you build a strong foundation for yourself. This is the perfect time to use forward motion thinking to evaluate each aspect of your financial failure..

The Begining To Financial Recovery

Contrary to popular belief, forward motion thinking and positive thinking are not the same thing. While many people realize that negative thinking impedes progress, it is extremely hard to remain positive when your home is being foreclosed on, or you receive a notice that you have been fired. Even if you wake up each morning with a sense of gratitude for all the good things in your life, it may not prevent these harmful things from happening.

That said, forward motion thinking can help you evaluate where you are at in your life in an honest, and non-judgemental way. Once you have reached a place of simple fact about your financial situation, you can begin the process of considering your options, and developing the fortitude and stamina to reshape your life for the better. One thing is for certain, once you hit financial crisis, the only thing you can do is rebuild.

As you begin the financial recovery process, it is important to make sure that you build a strong foundation for yourself. This is the perfect time to use forward motion thinking to evaluate each aspect of your financial failure, and take measures to prevent it. As an example, if it was a job loss that caused your problems, look for ways to bring in multiple streams of income. This may entail taking on part time jobs instead of full time ones, or even starting one or more online business ventures.

In many cases, contemporary financial failure is due to over spending. One prime example of this is the lease or car loan based purchase of new automobiles that do not get at least 75 miles to the gallon. When combined with the exorbitant cost of additional insurance provisions, non-warranty repairs, and fuel hikes, it is enough to break any budget. Unfortunately, once you are locked into these contracts, there is no easy way out.

On the other hand, think about the following. There is no point to pouring your money into a car that is just sapping you of almost every single dollar that you make. What is the point of worrying about your credit if you know you are going to have financial meltdown in the near future? It might just be best to cut your losses now, and see what you can do to save some money towards future debt settlement issues.

You may even want to take that money and go for debt counseling as a prelude to filing bankruptcy. While your creditors are busy following their collection processes, you will be well on your way to taking legal action to make sure they cannot attach to your assets, or take you to court. In addition, you can begin to liberate yourself from the agony and constant worry over what is in your credit report.

Or, you can very plainly tell your car dealer that you need them to sell the vehicle to someone else before the contract is up. You can also try to locate another buyer on your own. Depending on the nature of your contract, you may be well within your rights to do this before the end of the loan period. While you are waiting for the vehicle to be sold, you would be wise to arrange carpooling with a co-worker, and find other ways to travel to your destinations.

Even if your financial failure is due to illness, there may be some things you can do to mitigate your situation. In particular, if your illness is caused by smoking, drinking, drug use, or some other disease causing factor, you can go for counseling. Today, there are many support groups available. If you are on public assistance, they may even have programs that you can attend for free. In addition, the state Medicaid programs may also pay for any medication that you need.

It is crucial to realize that there are no guarantees in life. Forward motion thinking is not a cure all, and is not a replacement for competent legal, medical, financial, or any other type of professional advice. Forward motion thinking does not insist that you pretend the world is a perfect place. In fact, when you are thinking forward, you will look directly at the shortcomings in yourself and the world around you. From this standpoint, you will be able to think ruthlessly about what actions will best enable you to survive these difficult times. One thing is for certain, your creditors were more than likely thinking in just this way when they were in the process of helping you get into your current financial crisis.

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Comments

author avatar christopheranton
21st Nov 2010 (#)

Very wise words.
Thank you.

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author avatar aden kendroemen
22nd Nov 2010 (#)

Good article, solid points and excellent advice. During the course of the last few years, what you described here is exactly what happened to my family. We went from having the best credit of our lives, built up over the last twenty years, to the worst. I agree that positive thinking alone cannot resolve this. After running the gambit of the emotions involved with losing everything, I have made up my mind that I do not want to play anymore. A life spent doing everything that was expected of me, basically brought me back to the start. Was there things that I shouldn’t have done, that might of averted it, sure. The housing market, and the ambiguous nature of fuel prices, are not something I am willing to take credit for. The whole monetary system, that of smoke and mirrors. I am tired of being a good little consumer, I am not bitter, in fact I feel liberated. The illusory nature of the monetary system, and the stock market as the ultimate fantasy game, are no longer my concern. I have worked in an industry that went from providing products and service, to basically selling credit. My question is why? The credit system being a major player in the ruination of so many lives in this recession, it seems illogical to continue to push it. This is a generation brought up on instant gratification, how much blame does the general populous need to shoulder in this. We became hooked on the opiate of credit, and now are paying the price. That’s all well and good, but when will it stop? The amount of money made from the credit debit system currently in place is akin to highway robbery. A system supposedly in place to make life easier, has grown into such a monster, that unless you have a degree in accounting, you have absolutely no idea how much money you’re hemorrhaging. I am done with the system, I have taken myself out of the equation. If I need something I will find another way. The Man, and his credit score, can find someone else to play the game.

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author avatar Retired
22nd Nov 2010 (#)

an excellent article, and you are correct. A good way of thinking is forward motion thinking.

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author avatar TheMovieScene
27th Nov 2010 (#)

Nice article. Although debt and financial issues is never pleasant it is usually the shock needed to take stock of your life and spending and use forward motion thinking rather than just stumbling along.

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