Take Ownership of Your Debt Problem | Summary and Q&A

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March 17, 2018
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Consumer Warrior
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Take Ownership of Your Debt Problem

TL;DR

Taking ownership of your debt problem is crucial to finding a solution and avoiding future financial struggles.

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Key Insights

  • 🥡 Taking ownership of a debt problem is the first step towards finding a solution.
  • ❓ Focusing too much on the process of debt elimination may cause debtors to forget their role in creating the debt.
  • 🆘 Remembering the origin of the debt can help debtors maintain perspective throughout the resolution process.
  • 💱 The legal process and bankruptcy can provide immediate relief, but changing behavior and mindset is crucial in avoiding future debt.
  • ❓ Combining legal solutions with financial coaching can be an effective approach in solving debt problems and preventing future financial struggles.
  • 🥺 Multiple bankruptcy filings could indicate a lack of behavior change and may lead to recurring debt issues.

Transcript

(upbeat music) - Hey everybody, welcome back to the Consumer Warrior Podcast. The podcast that's dedicated to helping you with your big debt problems. If you're just dabbling in debt, this isn't the podcast for you. We deal with the big debt problems, like repossession, debt collection lawsuits, foreclosure, bankruptcy, all those other horrible fin... Read More

Questions & Answers

Q: What is the first step in solving a debt problem?

The first step is to acknowledge and accept that there is a financial mess that needs to be dealt with, taking ownership of the situation rather than blaming others.

Q: What are some ways to solve a debt problem?

Solutions can include seeking financial coaching, filing for bankruptcy, or taking action against debt collectors or junk debt buyers through litigation or settlement.

Q: Should debtors defend themselves in court if sued by a debt collector?

Yes, debtors should defend themselves and require debt collectors to prove their case, but it is important to remember that the debt was initially incurred.

Q: How can taking ownership of a debt problem change behavior?

It can lead to a change in mindset and behavior regarding money, credit, and debt, helping debtors avoid similar problems in the future.

Summary & Key Takeaways

  • Consumer protection attorney and certified financial coach, John Skiba, discusses the importance of taking ownership of one's debt problem.

  • Skiba emphasizes the need to acknowledge and accept responsibility for the financial mess created.

  • He suggests that taking action, such as seeking financial coaching or filing for bankruptcy, is essential in solving the debt problem.

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