The “Three C’s to Manage Debt”

These are mandatory prerequisite steps you must take to end your dilemma with debt without bankruptcy and begin living a financially responsible life.

(The “Three C’s” stand for: Commitment, Consciousness and Control.)

The first “C” is Commitment

You must make two commitments

• You must commit to stop spending what you don’t have and start living within your means. Thus, from this moment forward you (and your spouse and family if applicable) must cease from making any purchases that are not essential to your day to day life. You must not accumulate additional debt. And, you must spend only on the basics and use any money that remains to pay down high interest debt.
   

• Then you must make a commitment to do whatever it takes to get yourself out of this mess. You must be ready to expend all the time and effort it will take to get the job done.

If you’re not ready to make these commitments, I suggest you stop here because anything else you do will be a waste of your time.

The second “C” is Consciousness

You must fully understand your problem

The fact that you’re reading this page indicates that you know you have a problem. However, in all likelihood, you don’t really know the extent of it or just how severe it is. To illustrate this, I am going to list the factors you should be aware of before you begin taking steps to deal with your debt problem:

• How much do you actually owe on credit cards and other unsecured debts?
   

• How much are you paying each month to unsecured creditors?
   

• What portion of your payments are reducing debt and how much is paying interest?
   

• At this rate, how long will it take to pay these debts off?
   

• What resources do you have to pay down some of these debts sooner?
   

• Can you increase the availability of funds to pay off these debts by increasing income or by reducing your expenses?

You must understand the full extent of your problem before you can make wise decisions as to how to deal with it.

The third “C” is Control

You must take control

You have to take personal control of cleaning up the mess you created. This will insure that it’s done primarily to serve your best interests and to give you the best chance to avoid ever having this problem again.

You must also understand that you are in control

This is because the only way your credit card creditors can get paid is if you pay them voluntarily. All they can legally do to collect is ask for the money. They can not forcefully take it from you or from your bank accounts or your wages without your consent (except if a judgment is obtained see note below). Knowing that you have control is very important. And, what’s even more important is to make sure that your creditors know that you know because this gives you leverage to negotiate deals that will allow you to end your debts on a reasonable basis.

As stated above “The Three C’s to Manage Debt”
are mandatory.  Attempting to deal with your debts without them
will not provide the results you are looking for.

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