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A recent question from the net for me.

Hi Steve,

Hope this message gets to you in time before I am gone.

I am experiencing what you had gone thru when you were 31 years old but 10 years later. I am 41 now and had accumulated on my credit unsecured payment. I feared picking up and answering the phone. Cold feet and difficulties in breathing and sleepless night. Sucidal thoughts came into my mind about using life insurance to pay once I am dead. Only my prayers has helped me sustain till today and read your letter in the web.

I need your advice where should I seek help in Singapore. I came across few sites providing credit counseling.

1. Credit Counselling Singapore.
2. DebtReform
3. Synthesis Consultancy

as now my situation can’t allow another firm charging me to high for their services or worst get cheated into another fly by night consultants.

I hope you can guide and advice me. If you need to contact me, sms me instead of calling it $aves us the dollars.

Have a Blessed day.

Dear Deep in Debt,

I am sorry to hear of the stress and strain that you have been living with regarding your debt.

First, let me clearly say that while suicide feels like an option, it really isn’t. The only thing that happens in suicide is that you leave behind your financial mess for someone else to clean up. It doesn’t change the status of your debt, just your status.

Let’s agree to scratch that off the list of possible solutions here. Just by reaching out and writing this letter your life has value and others will be helped by you sharing your experience. There are many that you do not know that love you, care abut you and are here to help.

Getting out of debt requires clarity and a plan that you can stick with. Unfortunately, debt also creates fear, depression, uncertainty, reservation and doubt. The time when you are at your lowest in life is not the best time to deal expertly with difficult financial problems.

I have no knowledge or experience with the groups that you mentioned in your email. But that does not change my answer much.

Getting professional help to get out of debt makes perfect sense. It also makes sense to pick an individual or entity that works for you, and not your creditors, like many credit counseling groups do since they are paid by your creditors for collecting money from you.

When seeking help for money troubles and financial stress you need to work with someone that will review all of your options with you and not just try to sell you bankruptcy, credit counseling, debt consolidation loans, etc.

The first step we need to take is evaluate what your current situation is and and what outcome you are looking to achieve. Once we know where we are starting and where we want to go we can create a map of how to get there.

It sounds like from your email that you feel you’ve been cheated for debt help already and I’d like to know more about that experience.

Sometimes people feel cheated because the “perfect” outcome they would like to achieve is just not possible and when that doesn’t come true, they feel angry and mislead.

The three most logical solutions to your current situation is:

• Pay the Debt in Full.
• Negotiate a Reduced payment Program With Your Creditors.
• Walk Away From the Debt.

So let’s see which of those options look like they are in your future. Contact me again with more details and let’s resolve this problem.

Debt & Suicide

Finally, don’t harm yourself over debt. There is a big difference between feeling hopeless and being hopeless. In fact I think your situation is hopeful because now you are reaching out for here and you are one step closer to a solution.

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Steve

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