Handling Personal Finance Pitfalls and Bouncing Back From Debt

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viduals in the US, even for people working in fairly good jobs. This helps to stop people from racking up huge amounts of unsecured debts which it is difficult to bounce back from.</p><p id="0368">In my experience, there are several different ways of managing credit and debt:</p><p id="5b65">· Building up debt and getting in over your head</p><p id="d499">· Managing debt and paying payments on time</p><p id="a35d">· Getting out of debt and becoming debt free</p><p id="0cce">These three things can always happen for a variety of reasons, and in a variety of ways. I have experienced all of these phases several times throughout my lifetime. In this three-part series, I am going to go into detail on each phase, and talk about the sacrifices that we have to make to get out of a mountain of debt.</p><p id="1c31">Also, I will talk about attitudes that I have had about money throughout my life, and how these played into the financial choices that I have made with regard to credit.</p><p id="f40e">For more personal finance tips, check out my other articles on this topic.</p><div id="12ff" class="link-block"> <a href="https://medium.com/@coloradogirl750/list/abfdda560af6"> <div> <div> <h2>Tips to Improve Your Personal Finances</h2> <div><h3> </h3></div> <div><p>to Improve Your Personal Finances medium.com</p></div> </div> <div> <div style="background-image: url(https://miro.readmedium.com/v2/resize:fit:320/0*0dcfc55a489b911d5cc64dd82f752adbb75bedd4.jpeg)"></div> </div> </div> </a> </div><figure id="c445"><img src="https://cdn-images-1.readmedium.com/v2/resize:fit:800/1*Veq94qAETcDi_iRYTvggdw.jpeg"><figcaption></figcaption></figure><div id="2670" class="link-block"

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Personal Finance Series: Part 1

When we are young, we don’t always handle our finances well. Sometimes it unfortunately takes some trial and error, and accumulation of debt, to teach us how to handle our finances better. The problem is, though, that once you are in a lot of debt, getting out can seem like an insurmountable task.

Through different decades of my life, I have been debt free a couple of times. In this three-part series I am going to be covering different ways that people handle (or mishandle) finances, and ways to get out of debt without declaring bankruptcy.

The financial system in the US is set up so that people work full-time in low-wage jobs, and it can be easy to accumulate a large amount of debt, sometimes as much as an entire year’s salary worth.

Credit ratings are based in part on on-time payments. So that means as long as you are paying your cards on time, you can keep getting more credit for a while, even if your debt to income ratio is high.

Eventually, you will stop being able to get new credit, however by that time it is probably too late to keep down the amount of debt that you owe.

Being in Europe now, we are beginning to see that Europeans have a different view of credit, debt, income and spending.

Credit limits in Europe are much lower for most individuals in the US, even for people working in fairly good jobs. This helps to stop people from racking up huge amounts of unsecured debts which it is difficult to bounce back from.

In my experience, there are several different ways of managing credit and debt:

· Building up debt and getting in over your head

· Managing debt and paying payments on time

· Getting out of debt and becoming debt free

These three things can always happen for a variety of reasons, and in a variety of ways. I have experienced all of these phases several times throughout my lifetime. In this three-part series, I am going to go into detail on each phase, and talk about the sacrifices that we have to make to get out of a mountain of debt.

Also, I will talk about attitudes that I have had about money throughout my life, and how these played into the financial choices that I have made with regard to credit.

For more personal finance tips, check out my other articles on this topic.

You can also become a Medium member with my link for only $5 per month.