The Only Way How to Make Money so the Money will Make You
Do You Have Debt Problems?
Have you ever had that sinking feeling, where you feel all the weight of your debt is sitting on top of you and you have no idea how to pay it all back. You hardly know how to cover the monthly repayments let alone how to get ahead a little and reduce some of the pressure.
I've certainly been there. I'd actually always been careful with my debt, only ever borrowing what I could afford to pay off. Yet I still got caught in the debt trap. It made me realise it could happen to anyone. The way it happened to me was definitely unexpected and it really took me by surprise. It took me a while to even realise I had debt issues. But when I did, after the shock had settled, I realised I had to find a smart way to work through my debt. Here is what happened.
I had a number of debts, some personal, some business. I had a mortgage on my home, a lease on my car, 2 credit cards, a couple of business loans which I took out so I could invest in the stock market, and a margin loan. I could handle all these debts comfortably, I was cruising.
My troubles started when one of the companies I had invested in in my margin loan went broke. My margin lender had lent me 60% of the value of this investment. When the company ran into trouble, overnight the margin lender wanted me to pay back the $15,000 borrowed. It was a bleak situation, especially as I could see that $15,000 would never come back, the investment was dead. On top of this, one of my clients started to default on the money he owed me. $5,000 worth of work seemed at risk, I may never get paid, I certainly wouldn't for some time.
So I scrambled around and managed to scrape up the $15,000 without adversely effecting any of my other investments. I ended up taking the cash out of my credit cards. This is where my troubles began. It took me about 8 months to pay these credit cards back and the interest they accrued. By that stage I was 6 months behind in my tax payments. I'd received my final warning from the tax office, they threatened to take me to court. I was in a fix. And it was a cycle. As soon as I went forward with one debt, i was behind in another.
The way I fought myself out of this fix, was by using the Debt Doctor Tool. We have written a comprehensive review of this tool, which you can read here:
This experience taught me a lot about debt and a lot about myself when it comes to debt. As such, and with the help of some financial professionals, we have prepared a bunch of informative articles all on the topic of debt. They come from a mixture of personal experience and theory so we hope you find them useful:
