Stupid Approaches To Do When Dealing With Debts

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We all incur debts. In a way or another, in our lifespan we have it. And there is no denying that. I have incurred a mountain of debts before. Thanks to my senseless swiping here and there. But somehow that experience turned to be better. I was able to refocus on my finances and more so was determined to get out of debt fast.

Good for you if you are already paving the way to clearing your debt. Yet oftentimes, the end does not justify the means. For instance, yes it is your goal to pay your debt but there are some stupid approaches that you might do in the process. In the end, you are just sabotaging your plan of being debt-free. You even incur more headaches.

If you are still in doubt and confused as to what I am talking about, here are the stupid approaches one can do with regards to dealing with debts.

Get a Loan

Ok so you have a debt. And you want to pay it in full. So the best thing you can do is to get a loan in order to pay the debt. Wrong! In the end whatever you owe in the beginning would still be the amount of your debt. It would be a never ending cycle of arrears. The only difference is that, you pay to another institution but the incurred amount is the same. A new loan is not a solution to a debt. In the end it would still be a debt.

Cash Advances

The next stupid thing to do would be to ask for a cash advance if your work environment permits so. Some would even beg the HR to get their salary immediately in the hopes to pay for their debts. While that might be good momentarily but what would happen during your next payday? You would end up getting nothing. And with nothing in your pocket, the next best thing to do is to borrow money in order to sustain your expenses for the next few days. And that again my friend is debt.

Get a Credit Card

By the name itself credit card, that surely means debt. Credit cards are not the answer to any debt. It might be enticing to pay your debts with the swipe of that plastic but then again after a month, you will end up paying it still. You are just prolonging the agony of paying for your debt. And again, this might be a never ending cycle of debt. You know how easy it is to swipe it right?

Ask Money from the Family

We love our family. Many times, they have been with us through thick and thin. Same goes with debts. I am certain we have generous family members who would be willing to help us with this ordeal. While this might be a good solution momentarily, it can heighten up one’s financial dependency. For instance, your sibling can lend you money for now in order to help you with your debt. Since you know your sibling will help you with such concerns, you might end up being in debt again because you know someone is willing to aid you in difficult times. Worst, relationships might tarnish because of money especially if the borrower will not pay in the end. Plus, there is that sense of complacency that you would not pay it immediately because you got the money from a family member. There is this “I’m sure they will understand” mentality.

There are many ways to deal with your debt. However, don’t get trap on doing these stupid things just so you can clear it out fast. It is a challenge and it is never easy. Yet, it is always fulfilling to be able to get out of debt without the need to incur more debts in the process. 

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