Managing Debt Successfully | ** An Anonymous Journal **

Monday, January 04, 2010

Managing Debt Successfully

I had the opportunity to meet up with an old friend over the New Year long weekend holidays and I am so glad when she told me that she is more stable now financially. You know, a year ago, she was in deep trouble with her credit card companies, not because she overspent but because she took cash advance to bail his brother out, who was caught misusing company funds.

A year ago, i told her that it is not worth helping her brother and she should let him face the consequences but she said that she can't let her brother go to jail for Criminal Breach of Trust. I guess, as an outsider, I wouldn't understand her situation. On one side, she received pressure from her parents to help him but on the other side, her husband was against her doing so, and in the end, causing strain to their marriage.

My friend took cash advance on her credit cards and even though she worked three jobs to try to pay off her debt, it was difficult because of the high interest rate and the speed the interest snowballed.

One year later, my friend was able to keep her debt under control because she sought help with consolidating her debts from a debt management specialist company. What the company did as to help her consolidate her debts into one account to enable her to make a single payment every month no matter how many creditors she has.

Although the one monthly payment isn’t a small amount either, at least she could better manage her income and expenses. Previously, it was as if she was settling various debt accounts every week!

Even though I am relieved to know that my friend’s debt is manageable now, I still do not agree with her action in helping her brother. An adult has to take responsibility of his own actions!


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