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.

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Google News Updated : Mon, 08 Sep 2008 02:08:49 GMT Falcons head coach: ‘Matt did a very good job’ - Atlanta Journal Constitution Canada.com Falcons head coach: ‘Matt did a very good job’ Atlanta Journal Constitution - 38 minutes ago By CARROLL ROGERS Q. How did the third play - the touchdown from Matt Ryan to Michael Jenkins - develop? New Falcons head coach Mike Smith said of Matt Ryan, ‘It was a great way to see our rookie quarterback throw his first NFL pass. In-game analysis of the Lions' loss in Atlanta Detroit Free Press Lions' poor tackling about talent, not coaching MLive.com Sports Network - The Canadian Press - DetNews.com - FanHouse all 475 news articles Publ.Date : Mon, 08 Sep 2008 01:30:18 GMT Health Highlights: Sept. 6, 2008 - Washington Post TheMedGuru Health Highlights: Sept. 6, 2008 Washington Post - 9 hours ago On the heels of the huge nationwide salmonella outbreak that caused more than 1400 illnesses from Mexican peppers, a regional Oregon alfalfa sprout distributor has recalled its product in Oregon and Washington state after the sprouts were linked to 13 ... Salmonellosis outbreak prompts sprout recall Forbes Salmonella outbreak traced to alfalfa sprouts Seattle Post Intelligencer Seattle Times - eFluxMedia - TheMedGuru - HeraldNet all 81 news articles Publ.Date : Sun, 07 Sep 2008 16:31:13 GMT Prime Minister Chances Early Election in Canada - New York Times Prime Minister Chances Early Election in Canada New York Times - 1 hour ago By IAN AUSTEN OTTAWA - Prime Minister Stephen Harper, putting aside the date he had set by law, formally propelled Canada into a federal election campaign on Sunday. Canadian PM calls October election Financial Times With economy slow, Canada to hold early elections Christian Science Monitor United Press International - AFP - Aljazeera.net - The Associated Press all 1,873 news articles Publ.Date : Mon, 08 Sep 2008 01:06:35 GMT Cage's 'Bangkok' tops worst movie weekend since 2001 - USA Today E! Online Cage's 'Bangkok' tops worst movie weekend since 2001 USA Today - 9 hours ago By Scott Bowles, USA TODAY After a record $4.2 billion in movie ticket sales this summer, the industry suffered its worst weekend in seven years, with the top movie at the box office doing less than $8 million. Video: 'Bangkok Dangerous' - Not a Safe Bet AssociatedPress Fall box office off to slow start Variety New York Times - Los Angeles Times - Reuters - New York Daily News all 261 news articles Publ.Date : Sun, 07 Sep 2008 16:23:28 GMT Patriots overcome injury to Brady, top Chiefs - Sports Network CBC.ca Patriots overcome injury to Brady, top Chiefs Sports Network - 53 minutes ago Foxboro, MA (Sports Network) - Randy Moss had six receptions for 116 yards and a touchdown as New England overcame an early injury to quarterback Tom Brady to escape Kansas City, 17-10, in the season-opener for both clubs at Gillette Stadium. Patriots QB Brady out of opener vs. Chiefs The Associated Press Cassel comes through for Patriots Boston Globe SportingNews.com - Reuters - ESPN - Newsday all 1,861 news articles Publ.Date : Mon, 08 Sep 2008 01:15:11 GMT Populists Gain Seats in Election in Hong Kong - New York Times Radio Australia Populists Gain Seats in Election in Hong Kong New York Times - 36 minutes ago By KEITH BRADSHER HONG KONG - Chinese national pride after the Olympics and growing distress over inflation combined to produce a leftward shift in legislative elections here on Sunday. Hong Kong Democrats Retain Veto Bloc in Legislative Elections Voice of America Key wins for Hong Kong opposition BBC News AFP - Aljazeera.net - International Herald Tribune - The Associated Press all 341 news articles Publ.Date : Mon, 08 Sep 2008 01:32:36 GMT Veteran Financiers to Head Fannie, Freddie - Washington Post Times Online Veteran Financiers to Head Fannie, Freddie Washington Post - 22 minutes ago By Thomas Heath and Dina ElBoghdady The new chief executives at Fannie Mae and Freddie Mac have long histories in the financial services industry. Video: Feds Take Over Mortgage Giants AssociatedPress FDIC to help small banks with Fannie, Freddie exposure MarketWatch Reuters - New York Times - Forbes - CNNMoney.com all 5,434 news articles Publ.Date : Mon, 08 Sep 2008 01:46:18 GMT Make Money Online RSS to HTML

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