One of the fatal practices of the Spanish-speaking population is to resort indiscriminately to personal loans. Many turn to quick loans without first assessing their debt ceiling. If you are going through this situation, I invite you to read this article. I am going to share some tips on how to get out of debt in the shortest possible time.
These tips are part of my financial recovery program, which serves people who are in bankruptcy. The cases that reach this program are quite impressive; they make one reflect on how easy it is to lose the way of prosperity and tranquility. Not knowing how to make money for one and not the other way around, can lead anyone to the insane asylum, prison or grave. Continue reading: DRIVE YOUR BUSINESS WITH EMAIL MARKETING AUTOMATION
How to get out of debt?
It saddens me a lot to see how families are separated, to be a witness of suicides, stories of displacement or murder by those who live on usury, and who demand the debtors to pay their money. It is also painful to see so many young people and people of productive age bedridden by depression and diseases such as cancer, due to the excess of anguish because they do not know how to get out of debt.
And even sadder is that no health entity takes seriously the attention to these cases that are becoming a problem of public health, safety, and coexistence.
Analyzing the causes of indebtedness
It is important to remember that financial problems are the first reason for suicide in Latin America. Many people are desperate for excessive debt, to such an extent that they resort to the practice of suicide as the only alternative that allows them to get out of their financial problems.
Borrowing is not something that should be seen lightly or as something normal. On the contrary, the problems of people in financial matters begin because they do not know why they lend money to banks and people.
Some do it because their income does not cover their lifestyle or needs. Others turn to banks and moneylenders for addiction, to cover other debts with other people. Each case of indebtedness according to my experience as a business coach is very particular. It is important to analyze how that person lives, how he relates to his family, his friends and what concept he has of money, both in the spiritual and material spheres.
Make loans as a result of wanting to maintain a social position
We all seek to be recognized, to belong to a social group and to have power. The problem lies in the following:
He who does not know how to control himself will be submerged in the carnal and emotional animal that he carries inside.
How many do not compare every day with others? How many do not envy others for the good money they have and their possessions? In the world, there are many ungrateful who are unable to see the blessings they receive every day, yearning for what they do not need.
The problem of indebtedness does not begin with merely material aspects, but spiritual ones. Envy, greed, gluttony, pride, the inability to thank are the first gateway to the world of living off loans, appearances and the painful life of indebtedness.
Once you enter this bond, people see it as a normal habit, until you lose everything by magic. The market does not help much either, because their business is in which people consume to strengthen their social self, and for that they need money. If the person does not have resources, then he resorts to personal loans, credit cards, mortgages, drafts and in the worst case to lenders who live on usury.
All this happens because people who do not have self-control, need the approval of their social circle and family, which means spending to be at the same level and not be discriminated against. The worst mistake of people is to want to live the lives of others, and even more so when they do not have and cannot even afford what it takes to maintain that life full of fantasy.
Borrowing is a curse against prosperity
How to get out of debt from the spiritual level, three things are considered obstacles to the prosperity of people: stealing, lending, and begging. Three injustices break the normal flow of resources. Three dangerous practices can lead to situations of greater intent:
The one who steals can commit a homicide or commit other illegal acts because he is unable to get his livelihood with a normal job. And each time that he steals what he hoards he does not last, being forced then to continue in that vicious circle.
Someone who begs can have serious mental or physical illnesses, fall into drugs, alcohol. Every time he does it means that he was born so that others can take care of him because it is his obligation.
The borrower says to himself that he is wasteful and incapable of generating and circulating wealth. That is the reason why once an economic bankruptcy arrives these people feel useless and static to change this situation.
How to get out of debt, keys to implementing them from now on
If you want to break the bond of debt, I must first tell you that it is not a simple process, and it will not have magical results overnight either.
How to get out of debt should not be a habit that is acquired only when you have the problem, and then, when everything is “solved,” returns to the excessive use of credit cards, free investment loans, drafts or pay daily.
How to get out of debt is a new way of thinking and living, in which we seek to generate the right resources for what we need. This is called living in distributive justice; I receive what I need according to my effort.
Recognition and forgiveness
The first step of how to get out of debt is not to go out with your friend’s anguish and despair looking for how to make money at any price. On the contrary, the first thing you need is to calm the waters.
Forgive your debts, yes, you must. It is important to release debts from a personal examination of the reasons why you resort to unhealthy practices for your financial situation. Be sincere and courageous, because he who can undress his heart from rags, may clothe him with fine garments.
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A process of recognition and forgiveness can be done in many ways
If you are a Catholic Christian like me, turn to the practice of confession of your sins, fasting, and prayer. Others turn to a spiritual guide to release all that is oppressing their life. The important thing is that it be done with sincerity, with openness.
Another important thing: first you forgive yourself and then forgive the people who have induced you to practice indebtedness (family, wife, girlfriend, friends, and bosses).
Once he recognized the reasons why there are excessive indebtedness and causes of economic bankruptcy, the most difficult moment arrives because it implies to violate us against what has tied us up.
The way of living, we must expel everything we have from our current life. Here I make a list of things:
- Friends and social circle.
- Luxuries and comforts to which I was accustomed.
- Stop the loan of money, cancellation of credit cards.
- To his anguish, despair, and search of pity for others.
- Despotism against your family circle.
- Income sources unworthy, who sponsor injustices, as well as their manifestations of hoarding over others.
It is a very difficult process because what is sought is to overcome pride and pride, seeking to restore simplicity and humility. The risk of self-sabotage is very high because few people are willing to take a leap into the void and go through the nudity.
In my case to be able to receive the certification as MCC as Business Coach I chose to live for three months with COP 3,000 per day. They do not know how much I appreciate having gone through that experience; I learned to receive, to put aside the need to put money first, to serve with love, to give more importance to the smallest things.
Repair and construction
At this stage what is sought is to take what was saved but clothed with humility and simplicity. Talents, media, and strategies begin to emerge to start paying all financial commitments. Some things that are done are:
- The list of debts
- The expense budget
- Talent inventory
- The sources of consecrated income
The debts are repaired, this is done by honoring each of the commitments that are made with third parties. The recommendation is to pay the smaller debts first. Larger debts are recommended not to offer payment terms or amounts, because one cannot have a future that does not exist, only depends on today.
The last step consists of a 90-day cycle work plan where the person involved will have to use their talents inventory, their sources of established income and their habits management to take their budget of expenses in a judicious manner.
At this stage, it is important the accompaniment of a coach, or a tutor, who have the responsibility to inquire about the results of the said action plan. The following lessons are part of this stage:
- The practice of charity
- The tithe
- The management of savings and investment
- The creation of companies with values
For more advanced people accustomed to business management is suggested the implementation of the model of the economy of communion, initiative of which I will write in another post, and on which all my efforts as an entrepreneur since 2016 are based.
How to get out of debt should be a chair and not a model of palliative care that prepares people to receive prosperity and distributive justice.
Do you need my help?
As a Business Coach trained to attend business and professional crises, I can, and I am interested in being able to accompany as far as God allows me, to the people that he puts me on the road and who need to break the bonds generated by indebtedness and financial bankruptcy.
Overcoming this scourge alone is not possible, between the two of us look for alternatives, learn how to get out of debt. Read also: WHAT IS AN ACCOUNTING BALANCE SHEET?