A Debt Mentality

While working through my own debt situation, and helping others resolve their life issues regarding debt and credit, it never ceases to amaze me how similar the life stories are and how profound is the effect of debt on the way a person thinks about life, irregardless of how much money they have or don't have.

I remember being in junior high school hearing my father say something to the effect of "you only have as much money as you have credit." Now whether that was what he said exactly or not, dosen't matter because it stuck in my head that unless you had massive debt, you couldn't have massive prosperity. Now, some 40 years down the road, I realize how flawed that reasoning was and my responsibility for allowing it in my own life.

I suspect I am not alone in those feelings. Others may get to this mentality by different life events, but it is incredible how common the debt stories are. We all get here by different routes, but FEEL the same about the result. My personal view is the way debt makes you FEEL is the whole purpose of getting in debt in the first place. If you are in debt and have bill collectors calling, and getting the envelopes that you can read PAST DUE through, and getting the ugly phone calls, you understand what I'm talking about.

One way to describe it is to use the principle of slavery, or being in prison. Tim Robbins and Morgan Freeman acted out this concept in a powerful movie titled "The Shawshank Redemption" (get it and watch it closely). Even though he was in prison, Tim Robbins character was never a "prisoner", and even when Morgan Freemans' character was released from prison, he was still a prisoner. How one led the other to that awareness is the point of the movie, and a powerful life lesson.

One more point. There are those who have access to hundreds of thousands of dollars, and are broke because of a debt mentality. They suffer the same feelings of someone who only has a few thousand dollars of debt, and as near as I can tell, IT IS THE SAME FEELING. I saw a coyote put in a cage one time. Completely wild animal, never caged. The panic that creature experienced caused it to die over time. A debt mentality is similar. We may not panic and die all at once, but we will do it a little at a time, and the result will be the same. No enjoyment of life, no hope beyond working to pay past due bills. And this mentality fits how someone chooses to see life. But it dosen't have to be this way.

Rich Toops created http://www.do-it-yourself-credit-repair.net to provide information that would allow subscribers to restore their credit files, and get back to purchasing status. This is still the primary function, but the awareness that there are some subscribers who keep repeating the same debt cycle is leading to a deeper look at how debt causes someone to think about their life, and how to break that cycle.

In The News:

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table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://ap.google.com/article/ALeqM5gHs5OM3gFG_DytQQZFbWfgPT08MAD93LMV400cid=1256503737ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNGWOk88nB-4QDcaOZmYYw8_8PTJhAimg src=http://news.google.com/news?imgefp=z-WGhTOctNMJimgurl=ap.google.com/media/ALeqM5hcreO5BPgd4iLUrFFOMQHS_Ee9DA width=70 height=80 alt= border=1brfont size=-2The Associated Press/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://ap.google.com/article/ALeqM5gHs5OM3gFG_DytQQZFbWfgPT08MAD93MBAFG0cid=1256503737ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNEpx2LppM4fa_tnG4CwKl4C7hNmiQWall Street pulls back amid bcredit/b concerns/abrfont size=-1font color=#6f6f6fThe Associated Pressnbsp;-/font nobrOct 9, 2008/nobr/fontbrfont size=-1NEW YORK (AP) — Wall Street headed for another volatile session Wednesday as investors doubted that an emergency interest rate cut would revive bcredit/b b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.startribune.com/30575239.html%3Felr%3DKArks:DCiU1OiP:DiiUiD3aPc:_Yyc:aULPQL7PQLanchO7DiUcid=1256503737ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNFq3W_zpvzv0XNRuXOoorCuiOGpsQFear gripping Wall Street/a font size=-1 color=#6f6f6fnobrMinneapolis Star Tribune/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.ft.com/cms/s/09e7cba6-96f4-11dd-8cc4-000077b07658.htmlcid=1256503737ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNEmnPL-YWGsZNaBobrSdvKIF4wQpAOverview: Stock markets crash as financial crisis deepens/a font size=-1 color=#6f6f6fnobrFinancial Times/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.sfgate.com/cgi-bin/article.cgi%3Ff%3D/c/a/2008/10/06/EDF313CAO4.DTLcid=1256503737ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNGe5cjhGlsB0QiVq3ZSPHdy4CQ5lwBailout should not include price controls on low-limit bcredit/b cards/a font size=-1 color=#6f6f6fnobrSan Francisco Chronicle/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.forbes.com/markets/2008/10/09/briefing-afternoon-banks-markets-equity-cx_ss_1009markets26.htmlcid=1256503737ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNFkbAaMZa177l7p9kGJcY8mOB6oLwnobrForbes/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://money.cnn.com/2008/10/07/markets/stockswatch/%3Fpostversion%3D2008100707cid=1256503737ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNH1N8uP5TEbOz9ozkVBAgsGWiwE_gnobrCNN/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1256503737hl=ennobrall 981 news articles/nobr/a/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.dividend.com/blog/%3Fp%3D2144cid=1254860311ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNFychVsnul_o15YY8fb4in8n4Qrswimg src=http://news.google.com/news?imgefp=n-iTckVtn80Jimgurl=www.dividend.com/blog/wp-content/uploads/storypics/cme.jpg width=80 height=60 alt= border=1brfont size=-2Dividend.com/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.californiaprogressreport.com/2008/10/state_controlle_2.htmlcid=1254860311ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNGDnLm7n3wtOuGeBlf0WKxkCxlLfgState Controller Chiang to Treasury Secretary Paulson b.../b/abrfont size=-1font color=#6f6f6fCalifornia Progress Report,nbsp;CAnbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1However, while we continue to work through this crisis, I believe more needs to be done to increase investor confidence in the bcredit/b markets, b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.ajc.com/business/content/business/stories/2008/10/10/credit_trade_swaps.htmlcid=1254860311ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNHziVXFY31HfsWZsc2jr-5Pm1NSpAICE, 3 other firms team up to trade little-known securities/a font size=-1 color=#6f6f6fnobrAtlanta Journal Constitution/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://blogs.wsj.com/deals/2008/10/09/financials-got-you-down-cme-pitches-credit-default-swaps-the-safer-way/%3Fmod%3Dgooglenews_wsjcid=1254860311ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNHTp7skzuZwG0FWs3k-YbgqaEInWQFinancials Got You Down? CME Pitches bCredit/b-Default Swaps the b.../b/a font size=-1 color=#6f6f6fnobrWall Street Journal Blogs/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.ft.com/cms/s/0/9ea2c5c4-96f5-11dd-8cc4-000077b07658.htmlcid=1254860311ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNF5iiBwd0BXBWmv6XWbM0abkgYxLQICE joins banks for global clearing solution/a font size=-1 color=#6f6f6fnobrFinancial Times (subscription)/nobr/font/fontbrfont size=-1 class=pa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSN1052652820081010cid=1254860311ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNGAd_u6xNBBhHLO2pbjn-sLJl5deAnobrReuters/nobr/anbsp;- a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.marketwatch.com/news/story/cme-group-citadel-launch-first/story.aspx%3Fguid%3D%257B097CDE55-CE99-42BF-9BD9-D3650A10B3A3%257D%26dist%3Dhpprcid=1254860311ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNEEO4xWt0SJZT-qKWCtMV0yUVg6kAnobrMarketWatch/nobr/a/fontbr/font class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1254860311hl=ennobrall 90 news articles/nobr/a/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.mercurynews.com/vc/ci_10692136cid=1256292417ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNHJMIyD9nFhKBNGC_JU2UHi1h3R_QTax bcredit/b extension gives huge boost to solar industry/abrfont size=-1font color=#6f6f6fSan Jose Mercury News,nbsp; USAnbsp;-/font nobr8 hours ago/nobr/fontbrfont size=-1By Matt Nauman In what promises to be a huge boost for Silicon Valley#39;s solar industry, the extension of the solar tax bcredit/b bundled into the recent $700 b.../b/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.canada.com/edmontonjournal/news/story.html%3Fid%3Ded112cc6-8303-4271-8478-133d4d07b9d8cid=1256509628ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNG5xXWcbg4H3J1Geszlamll-f2cDQimg src=http://news.google.com/news?imgefp=XWqhvMk8_MoJimgurl=a123.g.akamai.net/f/123/12465/1d/media.canada.com/f746bc95-5a50-4bcc-a252-b71ec6974098/bush_g7finance101108.jpg%3Fsize%3Dl width=80 height=80 alt= border=1brfont size=-2Canada.com/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.cbc.ca/world/story/2008/10/11/finance-talks.htmlcid=1256509628ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNE_Zv6ljoUl5ouHi7El-SAkQokLSwUS will work with partners on bcredit/b crisis: Bush/abrfont size=-1font color=#6f6f6fCBC.ca,nbsp;Canadanbsp;-/font nobr1 hour ago/nobr/fontbrfont size=-1It was the 21st time in 26 days that the president has spoken publicly about the bcredit/b crisis gripping financial markets and dragging down stock markets. b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.canada.com/montrealgazette/news/business/story.html%3Fid%3Db02461eb-65b5-4089-836a-3973f1029ef8cid=1256509628ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNGneBNsIExSntSz4OOmIfp-EaxNRQG7 seeks to halt global crisis/a font size=-1 color=#6f6f6fnobrThe Gazette (Montreal)/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.canada.com/edmontonjournal/news/story.html%3Fid%3Ded112cc6-8303-4271-8478-133d4d07b9d8cid=1256509628ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNG5xXWcbg4H3J1Geszlamll-f2cDQBush: Financial crisis needs coordinated response/a font size=-1 color=#6f6f6fnobrCanada.com/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1256509628hl=ennobrall 286 news articles/nobr/a/font/div/font/td/tr/table
table border=0 width= valign=top cellpadding=2 cellspacing=7trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/ousiv/idUSTRE4998QG20081011cid=1256512001ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNHuFQmXdaNX-gXOY85J-Rk-aw80Vgimg src=http://news.google.com/news?imgefp=OChmPPyDSXAJimgurl=www.reuters.com/resources/r/%3Fm%3D02%26d%3D20081011%26t%3D2%26i%3D6341173%26w%3D192%26r%3D2008-10-11T011826Z_01_BTRE4991UEW00_RTROPTP_0_G7 width=80 height=58 alt= border=1brfont size=-2Reuters/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbrdiv style=padding-top:0.8em;img alt= height=1 width=1/divdiv class=lha href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.reuters.com/article/ousiv/idUSTRE4998QG20081011cid=1256512001ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNHuFQmXdaNX-gXOY85J-Rk-aw80VgG7 vows to fight bcredit/b crunch but details sketchy/abrfont size=-1font color=#6f6f6fReutersnbsp;-/font nobr15 hours ago/nobr/fontbrfont size=-1By Mark Felsenthal and Sumeet Desai WASHINGTON (Reuters) - The world#39;s rich nations vowed on Friday to take all necessary steps to unfreeze bcredit/b markets b.../b/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.washingtonpost.com/wp-dyn/content/article/2008/10/10/AR2008101003228.htmlcid=1256512001ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNFMcAYJ03BCQiPN0v6QApW7Kstc4QWorld Leaders Vow Concerted Action/a font size=-1 color=#6f6f6fnobrWashington Post/nobr/font/fontbrfont size=-1a href=http://www.citywebshopper.net/articles/includes/redirect.php?url=http://www.washingtonpost.com/wp-dyn/content/article/2008/10/10/AR2008101002853.htmlcid=1256512001ei=E9XwSMSBBYLg6AOD_I2-Bwusg=AFQjCNGROBuTn1rQgzhsE2daB2iHmqP-fgA Global Strategy/a font size=-1 color=#6f6f6fnobrWashington Post/nobr/font/fontbrfont class=p size=-1a class=p href=http://news.google.com/news?sourceid=navclientie=ISO-8859-1rls=GGLG,GGLG:2005-22,GGLG:enncl=1256512001hl=ennobrall 36 news articles/nobr/a/font/div/font/td/tr/table
credit - Google News


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