31 May With Humility Comes Wisdom…
With humility comes wisdom, Proverbs 11:2. You may ask what does Proverbs or this saying have to do with debt? That is a great question. The first step in learning how to handle debt that has run a muck is to recognize that there is a problem. When you recognize that you may have a problem you must be humble enough to say that you might be the cause of your debt and not the credit card companies themselves.
I found that those debtors who are humble enough to recognize that they might have made a mistake, or might not have asked the right questions or maybe have not had the right tools and or education to make financial decisions are those who are able to change their lives for the better. For those who enter my office who are not humble enough to recognize that their behavior might be the cause of their debt problems are the ones who will more than likely continue to have financial problems throughout their lifetime.
So if you are in debt and you are in debt not because of a job loss, medical expenses or other circumstances that are beyond your control, you must take a hard look at your financial behavior. It is only then that you will be able to change the habits that have led you into overwhelming debt and set you on the path to financial success.
Written by Rachel Lynn Foley.