A Word on Education About Personal Finance, Debt and Credit

Thursday, February 7th, 2013 By

A Word on Education About Personal Finance, Debt and Credit

Photo from Picasa

Photo from Picasa

Poor Debt Management Can Affect Generations

Most who struggle with personal finance, debt and credit issues do so because they never learned how to properly budget money. It is likely that these same people have more than one parent, siblings and other close relatives who also have personal finance debt issues. Most never learned to differentiate between needs and wants or are not very disciplined in spending accordingly. Left unchecked, such behavior has caused individuals to fall deeply into debt. Just as in situations of physical abuse and substance abuse, the dysfunctional handling of debt and credit is often passed down to future generations. Poor financial decision making, however, is much easier to rectify than the aforementioned dysfunctions.

Everyone Has Control Over Their Own Financial Future

In looking at personal finance, debt and credit, it is important to understand that an individual has ultimate control over their destiny in any of these arenas. While many feel as though their spending is out of control, the exact opposite is true. Even if there are psychological reasons as to why a person’s personal finance, debt and credit are spiraling out of control, as is the case with shopaholics or excessive gamblers, the truth is that, with help, it is still possible to maintain control over one’s personal portfolio. Simply, a person must recognize that they have a problem, that this problem is a threat to their future and that correcting the problem is fully within their control.

Debt Education is the Answer

Once a problem is realized, a person can then begin to take steps to repair their personal finance debt by becoming educated on financial topics. More than ever before, access to financial education topics are readily available to everyone. From personal finance budget software, to local community classes, to library books written by respected authors, a full financial education is within everyone’s grasp and most resources are free of charge. Keeping this in mind, a great place to start one’s financial education is with the basics of understanding how to create a personal finance debt budget and to understand how credit works. This can be learned by combing the Internet and reading various articles written on the subject or books can be checked out from the library to gain a basic understanding.

Low-Cost Debt Counseling is Also Available

Also, several non-profit organizations offer low-cost debt counseling services. Contacting one’s local Chamber of Commerce or related public agency can help locate such services. In doing so, a debt counselor can help with creating a budget, consolidating outstanding bills and offer further resources helpful to one who is determined to regain control over their personal finance debt.

No More Excuses

No matter how a person learned to mismanage personal finance, debt or credit, there is no excuse for this type of behavior to continue. Nor is there any reason for such economic woes to be passed on to future generations. Instead, a person who is truly interested in correcting bad habits and living a stress-free financial life, will take this advice to heart and begin, immediately, to learn all there is to learn about handling their finances more responsibly.

Previous Article

« Personal Loans and Banking Procedures Draw Criticism

Consumers with mortgage and personal loans are not happy with big banks and partially blame them for their financial woes.
Next Article

Facebook announcement unveils new tools for a better experience »

Mark Zuckerberg's Facebook announcement unveiled new features that give Facebook users more flexibility and control over their information. facebook announcement

This post has 3 comments

  1. http://www.weservefinance.com says:

    Poor Debt management can really affect the generations and i guess I am a victim of the same and it is all because i never really paid attention towards it.

  2. Laura says:

    Absolutely, FinanciallySmart. This is one of the many reasons that I am thankful for sites like the Personal Money Store blog that encourage people to learn more about personal finance and empower themselves to do better.

    Thanks for reading!

  3. FinanciallySmart says:

    I am in agreement with your article we all have control over our financial future but we need persons to teach us while in our childhood days. Parents need to learn about Money Management, Personal Finance in doing this they will be able to break the financial curse that was before their time. Teaching their children will enable them to do better and secure their financial freedom.

Trackbacks / Pingbacks

Leave a Reply

Other recent posts by bryanh

Get an Instant Cash Advance Online – Even with Bad Credit!

Despite bad credit ratings, many are able to get instant cash advances today. APPLY ONLINE TODAY and turn a difficult situation around fast!

Bad Credit Loans | Quick help for your instant cash needs – fast approval!

Bad credit becomes a thing of the past with the help of bad credit loans - it is the perfect time-saving option for your instant cash needs!
Getting bad credit loans is really that easy.

A quick payday loan can save your vacation!

Do you need vacation money? Even when you are far away from home, a quick payday loan can help you out of a money emergency.. CLICK TO APPLY
Couple sitting on the sand with a city background.