We live in a society of overconsumption. This means that we are all conditioned to a certain extent to want more than we need. In many ways, it’s who we are as human beings — in prehistoric times, for example, the more that we had, the safer we were. Therefore, it’s only natural that we want to own more clothes than we can wear, more food than we can eat and more cars than we can drive.
Not only is this overconsumption a part of our nature, but our society perpetuates this trait through advertising and status. We feel pressure to keep up with the Joneses, or show our success or worth through the things we own. But when we find ourselves in overwhelming debt because of these habits, it’s clear that they are not doing us any favors. The following are some tips for finally facing up to your debts.
Accept that you are not your possessions
Your worth as a human always remains the same, regardless of whether you are living in a mansion or a homeless shelter. It’s important to try to detach yourself from status symbols if you are going to have a more healthy relationship with money and assets in the future.
Delaying gratification is key
It always feels better to make a purchase once you have worked hard for it rather than buy it on credit. This is called delayed gratification. While it may be tempting to buy something on credit, you’ll need to learn to save for a few months to purchase the items you really want.
There’s no shame in bankruptcy
Bankruptcy can not only clear your debts quickly, but it can also teach you key principles for managing your money sensibly in the long term.
If you have found yourself in overwhelming debt, make sure that you take action to understand the options that could change your life for the better.