Sometimes we think we can overspend for a long time … until we reach debts. I want to share a true story, that I came to my email:
Although I make my monthly budget and I have a cash flow, expenses are higher than income. Forcing us to use the credit card to buy food and everyday. But he spends even more than expected.
We have many debts and no longer withstand the pressure achievement. I need advice (although I have some ideas, my wife does not share) that could help redress the situation, but would like to know your advice and suggestions.
Unfortunately situations how are you are very common. I’ve said it before: credit is never an alternative to complete our daily expenditure. I narrated in this post. You can not live like this indefinitely, because there comes a time when we reach debts.
Until we reach debts
The funny thing is that the reader himself has diagnosed the problem: spending more than you earn . That is not sustainable, it can not continue living like this it happens indefinitely because what has happened to him and can not handle the pressure, and debts have reached.
There are no magic solutions. There is only one way out: either increase your income or reduce your expenses – both at a level enabling it to pay its current debts to get out of them. And not to repeat the negative pattern.
I know it’s very difficult. When debts reach us, we are too accustomed to a life in which we spend more than we earn. It is a hard truth that requires us not only to leave the lifestyle that led us to where we are now, but to cut it drastically. In addition, to use any extra money we generate to pay those debts until they were finished. Are our other life goals? Also postponed.
Meanwhile, if the reader has any property that can be sold to thereby paying some of your debts and reduces pressure, it is a possible alternative in the short term. If you can get a cheaper credit or more time to reduce their burden, too.
But that does not solve the underlying problem and it is important to understand. Otherwise the “cure” is worse than the disease.