Photo by danesparze

Earlier in my article about the dangers of credit card debts, we saw how people can accumulate compounding debts, and realize it only when it’s too late. I have received a few questions about how to get out of debt when your credit card balances are already in the red; today I like to share some tips to get out of credit debt.

Other than investigating into credit debt cases, part of my experiences also include helping those under investigation to reduce their debts. Here’s some of the common strategies that we employ to reduce credit debt.

1. Debt Reduction Goals. The first step is to understand how much debt you are really in. Chances are you have a few credit cards for the debts to accumulate into tens of thousands of dollars. As the balance for each statement is just a fraction of the full debt, you need to consolidate your statement balances.

This is an emotionally straining exercise. It’s like forcing yourself to face up to the ugly reality. If you can’t get yourself to do this, ask a family member or trusted friend to do this for you. Think of it this way; it’s better than being an ostrich (which hides its head in the sand when the lion is near).

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This blog is about leading a balanced life focusing on career, relationships and money. You can read more about balancing your life here. These articles are written for you. If you find them useful, feel free to subscribe for regular updates as new articles are posted. It's FREE. :)

Photo by wajakemek

Among my human resource work experiences, I’d have done a couple of investigations into bankruptcy cases. Bankruptcy due to credit card debts is the most common. It is amazing to see how a simple debt of a few thousand dollars can escalate into tens of thousands of dollars, and finally bankruptcy. It’s even more amazing to see that people don’t realize how credit card debts snowball until it is too late.

If you are a working adult, you are almost certain to have a credit card. I still remember how proud I was when I got my first credit card; the feeling of elation as I signed on my first credit card purchase. Thanks to a job well done by our advertising and marketing friends for credit cards companies, these are the ‘perks’ of owning a credit card:

• perceived increased purchasing power
• perceived increased in status
• perceived improvement in lifestyle

Note that these are perceived, not real benefits. Getting a credit card doesn’t mean you earn more; it only allows you to spend more. It’s a skewed perception which is screaming:

Buy! Buy! Buy! Don’t worry, buy now, pay later.

Before you go out there and spend like crazy with your new credit cards, I hope to show you that unwise usage of credit cards can lead to escalating debts and even bankruptcy in a matter of months.

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(Photo by Swamibu)

We’ve heard it so many times before, ‘life is tough’. There are so many things that we want; an understanding and supportive lover or spouse, that wonderful house you saw last week, a carefree, stress-free life style, a fulfilling career… the list goes on.

Even though there are some many things that you want to accomplish, you don’t have enough time, so little money, so little that you can afford, limited energy. There’s just not enough to accomplish what you want… How do you ever get to live a life of happiness?

Indeed, it’s not easy, we all know that. Nonetheless, Happiness can be yours; it is possible, really. The modern society presents a lot of ‘noise’ and distractions in your life, which are diverting your focus and attention; detrimental to your pursue of happiness. What you need first is to gain a keen awareness of what constitutes and contributes to a happy life.

To this end, I like to talk about 4 key areas which contribute to happiness. I will explain why I believe they are the 4 key areas and why you should pay attention to them. Lastly, I will end with how these areas need to be balanced to contribute to your happiness.

This new awareness will be like an awakening that allows you to see through the fog of life, and filter out unnecessary pursues; thereby getting you onto a true journey of happiness

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(Photo by Verun*)

This seems like an oxymoron, isn’t it. If you aren’t attached to your job, how can you be committed and perform your best at it? Well, I am speaking from my personal experience, and it has certainly worked well for me so far. Let me explain…

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