Mananging Personal Finances
June 7, 2007 – 7:20 amManaging personal finances is a subject close to my heart. As a business person, the fear of going bankrupt is very real on top of the fact that a few of my male relatives, my grandfather, grand uncle, uncle and cousin, are all bankrupts. If I were any superstitious, I would think that my family must be jinxed but I guess it al boils down to mismanagement of personal finances.
Sometimes I wonder if there is a way for them to avoid bankruptcy because there must be alternatives to filing bankruptcy, mustn’t they?
In today’s age, there are Debt Management Standards to meet by companies that Credit Counseling Agencies who provide the CareOne brand of debt management services. I wonder if my family received such debt management services, would they have to live with the stigma of being bankrupts?
But what is already done is done and the only way out is to settle all the debts according to schedule. Actually, we do not blame the creditors that forced them into such a situation. If my family members have at first know how to manage their finances and determine and understand their debt-to-income ratio, they would know how much they can pay off their debts monthly but no, my family members will pay when they like and skip payment when they felt like it. Perhaps it is all because of ignorance or lack of knowledge.
Besides that, it is not as if they never earned much. The fact that they did not know how to
minimize investment risk also added to the problem. They needed debt relief but were too stubborn or proud to admit it. Unfortunately, I myself was too young to offer them much help. If it had happen now, I would have scoured the internet for the best debt consolidation companies who could help them avoid bankruptcy.
However, it’s now too late to offer them much help in a situation like this but to help them out financially whenever possible. With a family history like this, you can be sure I am extra careful with my finances.
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