Wednesday, June 10, 2009

Budget Right: Are You in Denial?

Recently, I stumbled across this article which discusses how many people are in denial about their debt. Why are they in denial? Because they are not seeking help. This is surprising, because the people polled for this article say they have not only fallen behind in their monthly payments, but that they are unable to "meet their credit commitments". Because this article is based on the UK, it reinforces the fact that we are in a worldwide recession.

Does this sound like you? Apparently there are more than 6 million people who are afraid their home my be repossessed. If you find yourself unable to meet your credit commitments, you should know there is help! It's called financial and debt counseling, and its more readily available than you may think.

People who are in denial about their debt reminds me of those who are in denial about their OCD. Research indicates that more than 2 million Americans have Obession Compulsive Disorder. However, it remains to be one of the most under-treated and under-diagnosed pyschological disorders even though highly effective and readily available treatment exists. What is interesting about this is that those with OCD are fully aware that they have a problem. It disrupts their lives by hindering their work, relationships and daily activities. They either don't want to seek help or are unaware that it is available. Likewise, those with debt are also aware that there is a problem, and it severely disrupts their lives as well.

If you have questions about how to manage your debt or get help, I encourage you to check out this site. Jessica Swingle is an accredited Financial Counselor who answers your questions for FREE in order to help get your finances going in the right direction. Specializing in financial counseling for military families, young couples and individuals, Jessica's aim is to get the word out that there is help and educaiton available. She has remarked that the ratio of those who seek help verses those who actively need it is desperately out of proportion. Perhaps many people are simply unaware that financial education and help exists. If so, then now is the time promote financial education awareness.

Saving money by using coupons and sales is simply a starting point for getting your finances inline. However, many people need more professional help with the rest of their financial lives. Perhaps you need to refinance your mortgage, understand your debt repayment options for credit cards or initiate an overhaul on your stock portfolio. Its never too late to get help and advice.

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