Many debtors are looking on the internet for a way to get out of the debt loop. They enter the exact password, but do they really understand what the debt loop means? In today’s article I explain: what is the debt loop and how to get out of it.
What is the debt loop?
In simple translation – the debt loop is paying off one loan with another loan or payday loan. Let’s pause for a moment on this definition. Repaying one loan with another. Another month comes. I can’t afford this previous installment and I already have a new one to pay back. What to do? A man of nothing but works only on these banks and creditors! I can’t afford it! And this is where the third loan or third loan comes in.
At some point, the debtor loses any control over his finances at all. Every month he works hard on many creditors, repays enormous interest on many loans and credits.
Let’s remind – at the beginning he could not afford to pay off, only one. We understand that we are in the so-called black d. and we’re starting to look for a way to get out of the debt loop.
A simple way to get out of the debt loop
If we know how we got into the debt loop, shouldn’t the first step be obvious to us? Is it not clear that you should stop paying back one loan to another at all costs? Take the consistency of previous steps cheaper? It is impossible to loosen the loop while tightening it.
Another loan, loan or payday loan is another node on our loop – the chances of release decrease with each subsequent commitment. Isn’t it absurd that we are looking for a way to get out of the debt loop and at the same time take more loans or payday loans?
How to handle
First of all, you must believe that you will survive. The debt loop is not the end of the world. Even if you have argued with the most aggressive creditors – all they can do is your sue you and then take the case to a bailiff so that he can start enforcing the debt.
This really is not a big tragedy. Believe me, I was in your place. Today, I don’t understand why I was so scared. Once the bailiff came and took many of my equipment. I survived. He did it in the presence of my employees. I survived too and today I have it somewhere.
Why was I so scared? After all, it’s nothing, it’s just an obstacle, a task to do. I won’t die from it – unless I allow myself a lethal dose of stress. Before I found my way, how to get out of the debts I made, I lived many years in fear, patching holes and creating new ones, tightening the loops more and more.
How to get out of debt and enjoy life?
In the guide: How to get out of debt and enjoy life, please readers write down the worst possible scenario of their debts. And then they looked, is this really the worst thing that can happen to them? I do not think so…
Even if you don’t have children whose health is good to be grateful for every day, there are certainly many other tragedies that would be a far worse scenario than taking the bailiff from you.
People lose everything and get back on their feet. Sometimes they have even more than before bankruptcy, and sometimes less, but they understand that this does not count. I heartily recommend you this exercise!