Debt Reduction - Leaky Wallet Syndrome

[jeffrey]

Courtesy of Debt Reduction 101

For those looking for ways to reduce their debt and get better control of their personal finances, one of the first steps that needs to be taken is to figure out why the debt has accumulated in the first place. One possible reason is Leaky Wallet Syndrome:

The difficulty with holding onto money is that it only takes a single weakness to lose it entirely. By weakness I mean that something has caught your eye that is so desirable that you will buy it spite of the fact that you cannot afford it. Whatever this purchase or payment may be, it psychologically reaches your personal threshold where having something right now is more important than having something tomorrow. There is a trigger that sets aside your normal, balanced decision-making with instant gratification…

By taking the time to recognize your spending weaknesses and then to take the necessary steps to address them, you will begin building the foundation needed to reduce your debt. While this is may not be easy, once you have identified the leaks, you do have the ability to take action to stop them - something that you can’t do when you can’t see the leaks in the first place.

[markio26]

we don't have a problem with any of us having a leaking wallet... it is the utility companys, phone companies, lifeflight, etc.. that have given themselves 20% raises this year... oh yeah and did i mention the taxes being increased on ki for us by 300% at the end of the year.....