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The Wolf in Sheep's Clothing
- By shelley bayol
- Published 10/31/2008
- Personal Finance
- Unrated
shelley bayol
Shelley Bayol became a Financial Recovery Counselor after her own relationship with money drove her to over $25,000 in credit card debt. Little by little, she paid off her credit cards, stopped spending impulsively and gained peace of mind and serenity around her financial life. Contact Shelley at her website www.findingfinancialbalance.com
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We are going through some very difficult financial times. The financial state of our country is in serious trouble. Even though the bailout has been approved, is it enough... or is it too little, too late?
In this article I will hit on one of the culprits of this mess: credit card companies. The main reason my clients come to see me is to get out of debt. We are a nation of debtors, not savers. Statistics prove that we are spending more than we make, and having credit cards allows us to do that... until now.
What will happen now? The ability to get credit will definitely change, they say. What will that do to your lifestyle? How will that change your choices?
I believe that it is important to godeeper to explore what is really behind the spending. We hear often: "Stop the debting cycle... learn to live within your means... pay off your debt." You might reply, "Easier said then done."
Spending, saving, and investing our money involves more than just accounting procedures. There can be, for a lot of us, an emotional component to these issues which, in order to "stop debting," needs to be addressed.
The New
York Times recently ran an article (September 25) about this very issue. The article quoted a study by the American Psychological Association that found 75% of more than 2,500 adults said money was their number one stressor. This study was conducted before the latest bad news (By the way, money also is the leading cause for divorce).
Money troubles are not really talked about. They're discussed on talk shows -- but not the emotional side of our spending. Suze Orman was on "Oprah" recently, berating a couple for the amount of debt they had accumulated. They looked very uncomfortable, and I suspect many people/viewers felt embarrassed for them.
It's no wonder we don't want to talk about our financial situation, in public or private. I never told my friends about my mounting credit card debt.
The shame that can be attached to our money relationship makes it nearly impossible to ask for help. But we need to. If we want to heal as a person, as a family and as a nation, we need to be more open about our money issues, get help and make positive changes to turn things around.
If you are one of the millions who have fallen into the water, don't drown. Ask for a life preserver. Get help today, before it is too late.
In this article I will hit on one of the culprits of this mess: credit card companies. The main reason my clients come to see me is to get out of debt. We are a nation of debtors, not savers. Statistics prove that we are spending more than we make, and having credit cards allows us to do that... until now.
What will happen now? The ability to get credit will definitely change, they say. What will that do to your lifestyle? How will that change your choices?
I believe that it is important to godeeper to explore what is really behind the spending. We hear often: "Stop the debting cycle... learn to live within your means... pay off your debt." You might reply, "Easier said then done."
Spending, saving, and investing our money involves more than just accounting procedures. There can be, for a lot of us, an emotional component to these issues which, in order to "stop debting," needs to be addressed.
The New
Money troubles are not really talked about. They're discussed on talk shows -- but not the emotional side of our spending. Suze Orman was on "Oprah" recently, berating a couple for the amount of debt they had accumulated. They looked very uncomfortable, and I suspect many people/viewers felt embarrassed for them.
It's no wonder we don't want to talk about our financial situation, in public or private. I never told my friends about my mounting credit card debt.
The shame that can be attached to our money relationship makes it nearly impossible to ask for help. But we need to. If we want to heal as a person, as a family and as a nation, we need to be more open about our money issues, get help and make positive changes to turn things around.
If you are one of the millions who have fallen into the water, don't drown. Ask for a life preserver. Get help today, before it is too late.
