Alternatives to bankruptcy tend to focus on the very core of how we live our lives, what we expect to own and have in our lives, and how we value material goods. Many financial planners will give the sage (and so very basic advice) that the best way to avoid bankruptcy is simply “living within your means”. If you are using credit cards to accumulate goods that you cannot buy with your on hand cash, you are not living within your means. If you are finding that you live paycheck to paycheck, you are most likely not living within your means.
Of course, there is a wide spectrum of issues as to why and how consumers find themselves in credit card debt and struggling to make ends meet. Consumers who have overwhelming medical bills, have lost a job or have had their hours or pay cut are certainly in a very different place than consumers who simply are not figuring out how to best get their spending under control. There are alternatives to bankruptcy for a variety of consumers to include debt management or debt consolidation. However, the very first step in figuring out how to avoid bankruptcy is to closely evaluate every dollar you spend and how you can budget and allot your funds more wisely, focusing on the basics, and learning to live a more frugal and controlled lifestyle.
We live in a society that is always on the move and we are used to living life in the fast lane. We are used to microwave dinners, twenty-four hour drive-through coffee stands, fast food burgers and fries. Everything we need or want can be accessed in a matter of minutes instead of days. Here are some of the culprits that drive this behavior.
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