Can't manage debt? Declare bankruptcy

Falling in debt is easy depending on your attitude to money. If you are the kind of personality that goes with "feast and famish" the famish part can be long and unending simply because your balance sheet is negative. When it began to turn negative you always thought you can easily get over it. However, the burden went on compounding since.

That's when nightmares and stress began. Creditors phone began ringing and you told yourself something is wrong in their calculation. You told the creditors they had overbilled you. They didn't budge and stuck to their guns. Their statements were so confusing. It didn't tell you exactly why their service charge and miscellaneous other charges were so erratic. Nothing but more stress, more confusion, more disturbed life came out of it.

I will tell you what. Debts are debts. They go on compounding even if met partially. You cannot beat the loan sharks, credit card companies and the other creditors at their game. They are there to make profit out of you.

I for one stick to Warren Buffet's advice: Never ever have a credit card. Never get into debt. However, to most of us a credit card is necessity.

However, now that you are into debt, the best course would be to manage it. If for some reason it is unmanageable, don't panic. It is not the end of your world. Brace up to face the world with greater determination now.

Can't manage the debt? Declare bankruptcy. No one can harm you. Law is on your side. Latin America did this to world bank and is a thriving economy today compared to the 1980s era. Refuse to pay your debt.

Your debt is zero now. You're not in red, not negative. You're lucky. You have only one direction to go from here. Up. You can now play your second innings and go on to build your fortune.

You are fortunate that you won't get any further credit. Why do you need credit when you can build your fortune from scratch.

Think of it. You're better off than the majority that will toil all their life to repay their debts. From now on you can begin on a strategy to build wealth.

Remember, wealth building is a mind game. Getting into debt is a thoughtless act. It involves giving vent to instincts. It involves no thinking. You merely respond to urge to slurge. Reverse the process. Think of your financial goal. Ponder over the strategies. Choose the courses of action. Every step is now being directed by thought and strategy.