Hitting the wall of money or shall we say no money and too much debt is a terrible feeling. When you hit the wall, you have come to a point where there is no place else to turn for “money”. I put money in quotes because it really isn’t your money right now. It is your future money. You have basically been living way beyond your means and have been borrowing money. You have used credit cards to fulfill your wants and desires.Maybe you are living so far beyond your means that each month you spend way more than make. You keep adding to that debt monthly. The debt is getting larger and you are beginning to feel powerless. It seems that you are either at the bottom of a financial pit with no way out or at the top of a debt heap with no way down.
You maxed out your credit cards. You have used a home equity line of credit (HELOC) or home equity loan, or have taken out a second mortgage to payoff your credit card. You paid the credit cards off, but then you charged them right back up again and maxed them out again. Now, you not only have the credit card debt but you have a HELOC or a second mortgage. Or maybe you borrowed against your retirement account. You’ve borrowed money from friends or family. You’ve borrowed money to buy your cars or RV or boat or whatever. You borrowed money for the big screen TV, for the kid’s X-Box, WII, Playstation, or whatever.
The bottom line is you have borrowed so much that there is nowhere to turn for more money. You have mortgaged your future. You’ve hit the wall. You are at your wits end. The bills come in every month and you don’t even open them. Perhaps, your spouse doesn’t know the financial mess your in. Maybe they do, but refuse to help you take care of the issue. Well, it’s time to take a hard look at the mess you have made. It’s time to face reality. You and your spouse need to sit down together and get busy figuring out how to get out-of-debt. The time is now, not tomorrow or the next day or next week. It is today, right now. Go to some of my other posts to learn how to take control. Start with the how to eliminate debt post. Then, check out the next post in that series. Read the other posts on debt or watch the videos, read the budgeting posts. The main thing is to start and drop the financial blinders you have been wearing. It is time.