After Filing Bankruptcy: Making the Transition from Credit to Cash

30 Mar After Filing Bankruptcy: Making the Transition from Credit to Cash

Has a cushion of credit been key to your financial survival? In an interesting article entitled “3 Steps Back to the Sanity of Cash,” MP Dunleavey discusses 3 steps to your own personal bailout–making a transition from credit to cash or “real income living.”

  1. Get out of the fog of credit by asking one tough question: if every ounce of credit now available to you dried up, what would your life be like? This step contemplates taking a hard look at lifestyle and spending habits compared to actual income figures. Painful…but necessary and helpful in moving toward a more solid and sensible way of living based on cash and not credit.
  2. What would Grandma do? This step contemplates switching to a cash-based mindset which includes learning to think and spend based on how much money you actually have.
  3. Find your means. The article calls this “real income living” meaning making the hard choices necessary to live and save on what you earn.
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