Debt Problems: You Can’t Change The Past, Only The Future – RJB Law Offices

Are you currently struggling with debt problems and don’t know what to do? To most people, finding themselves in that situation is pretty scary. They constantly worry about their finances and wonder whether they will ever be able to get out of the financial mess that is causing them a lot of stress. But what led to your present situation? The answers can be different in every situation.
I was counseling someone the other day in my office. He looked shocked and confused as we sorted through all the credit card statements on my desk and added up how much he owed. $65,000! That’s how much the statements said he owed!
How could this be? He said he remembered paying a lot of these debts off just a few years ago. When I asked him how it was possible for him to owe that much again, he replied: “Honestly, I don’t even remember”.
For the vast majority of people, their debt problems usually stem from a series of events or bad financial decisions. It can be that a lot of people simply don’t keep track of what they charge on their credit cards. So they use their credit cards for everyday purchases without realizing how much debt they are accumulating. Some use their credit cards for so-called “emergencies”.
The problem is that anything could pretty much qualify as an “emergency”. The “emergency” could be new furniture that they don’t even need, a new car or an unplanned family vacation. Months or years go by and before they realize it, their debts have skyrocketed beyond their ability to repay. And unless their income has increased over that period of time, it becomes a struggle to make the debt payments every month.
If you don’t have the extra cash lying around every month to make those increasing debt payments, it will only be a matter of time before you start defaulting. And from there it just gets worse and worse until one day you have a big financial emergency in your hands.
Some people even resort to borrowing from some credit cards just to pay other credit cards but quickly realize that this strategy doesn’t work and that they are only digging themselves into a deeper financial hole with no way out.
The truth is that your debt problems didn’t just suddenly appear out of nowhere. Experience is often our best teacher. It would help to understand what past decisions led you to your present financial circumstances so that you can avoid making the same mistakes again.
This can be a good first step to solving your debt problems. The late author and motivational speaker, Jim Rohn, said: “You may not be able to change your destination overnight, but you can change your direction overnight.” It’s never too late to make the change and today is a good day to start. If you need help in figuring out the best solution for your situation, call my office so we can talk.
Ray Bulaon is a bankruptcy attorney and business debt mediator in Valencia who has successfully helped more than 6,000 clients in getting out of debt. For a free consultation, call 866-477-7772 or 661-775-4880. Due to current COVID restrictions, consultations are available by phone or video.