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I need to stop my debts increasing out of control. I have a budget now, but is there
more I can do?
If it looks like the debts are really going totally out of control, you may have to look
at getting rid of any big value assets you own like your house and your car.
What! Are you Crazy?
If creditors come after you, they might be able to take them from you and add many thousands
to your debts as well, to cover their costs. It is something to think seriously about.
I seriously think I don't like the sound of it. Maybe I could pass ownership of them to
my spouse or something; would that work?
It might work if your creditors are not yet aware that you're in trouble; or you might
sell them and maybe pay some of the debts down with any cash you raise. Your call.
Sheesh! OK; what else can I do? My budget shows I don't have enough money coming in
even to cover my regular bills, never mind the debt payments.
You need to become a miser. Stop buying things you won't die without. You don't need to eat
out. You don't need new iPods, clothes, haircuts, entertainment or any of that.
Sounds miserable. And difficult.
Debt is worse. Adverts condition us to believe we need stuff to be happy, but really to be
happy we only need other people and a calm mind. There's no need to show off your junk.