April 11, Adventures In Collateral

Thought for today:
The uninitiated may wonder: Is debting really a disease?
To us in DA, we know our spending patterns were out of control.   Unsecured loans got us into mental, physical and emotional trouble, not the least of which was the trouble we got with creditors.
A member shares:
“Credit card advertisers seemed to write ads just for me(they are so thoughtful that way).  They also wrote the most wonderfully manipulative telephone scripts  (how could we resist turning over the kids’ diaper money!)
“Creditors knew where all my buttons were, and they trained their people to push those buttons extremely well, using the dark art of intimidation.  But they knew they had nothing else to hold me to, other than damaging my credit report, because the loan was unsecured.  That’s why they acted so ‘bizarro’!
“Then I discovered pawn shops, but after a while the money to claim the thing I had pawned was too much for me to afford.  I had nothing of value left to pawn.  Then I’d overwork compulsively, calling it ‘creativity’, but still not earning enough to live on.
One member recalls selling all her guitar equipment in order to pay her credit card, and then being unable to earn a living as a musician.  Paying cash was hard to do, after years of running from reality.  There are millions of stories just like these.
Let’s step back and realize one thing: collateral is something of value you use to secure a loan.  It is not an unsecured loan as long as it is of real tangible value, and as long as you are committed to turning it over to the person who is loaning you the money.  They hold it until you have met the terms of repayment.  (Oh, and one other thing: they get to keep it if you renege on the agreement, and you are glad they have it, because even though you reneged, you still have your solvency, as defined in DA.)
Do I understand that unsecured debt is toxic to my mental, physical and emotional health?
Meditation for today:
Honesty works when all else fails.  Keep only secrets of doing good for others.  Don’t worry about yesterday’s mistakes – they no longer exist, except in your mind.  Don’t worry about missing out on something tomorrow, it does not exist either. Only today exists.  Honestly enjoy today.
Affirmation for today:
I have plenty of time and money to enjoy my favorite pastimes. Today I will ________ just for fun.  During that time I will let go of tomorrow and yesterday.
Prayer for today:
I pray to be able to stop and enjoy this moment, to be able to forget about worry.  I pray for being able to be in one place at a time.

 

Click these images to read samples of our recommended books:

First publication by the Debtors Anonymous 12 Step Fellowship. It describes the basics of the D.A. recovery program and includes 38 success stories of D.A. members. It offers experience, strength, and hope to help other compulsive debtors and all those who want to stop incurring unsecured debt, such as credit cards, unsecured loans, personal loans, unpaid taxes, and more.

How to Get Out of Debt, Stay Out of Debt, and Live Prosperously*: Based on the Proven Principles and Techniques of Debtors Anonymous

OUT OF THE RED
• Do this month’s bills pile up before you’ve paid last month’s?
• Do you regularly receive past-due notices?
• Do you get letters threatening legal action if immediate payment is not made?
• Do the total amounts of your revolving charge accounts keep rising?

INTO THE BLACK
Whether you are currently in debt or fear you’re falling into debt, you are not alone. Sixty million Americans—from doctors to secretaries, from executives to the unemployed—face the same problem and live under the same daily stress. Based on the proven techniques of the national Debtors Anonymous program, here is the first complete, step-by-step guide to getting out of debt once and for all. You’ll learn

• how to recognize the warning signs of serious debt
• how to negotiate with angry creditors, collection agencies, and the IRS
• how to design a realistic and painless payback schedule
• how to identify your spending blind spots
• how to cope with the anxiety and daily pressures of owing money
• plus the three cardinal rules for staying out of debt forever, and much more!

This book is neither sponsored nor endorsed by Debtors Anonymous. A recovered debtor, the author is intimately familiar with the success of the Debtors Anonymous program.


The The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness

  • Design a sure-fire plan for paying off all debt—meaning cars, houses, everything
  • Recognize the 10 most dangerous money myths (these will kill you)
  • Secure a big, fat nest egg for emergencies and retirement!

(Some of the links on this page will bring you to Amazon. If you decide to buy after clicking an an Amazon link, Amazon will give us a commission. This does not add to your cost. It helps us defray the costs of running this website. Please do not use a credit card to purchase! There are many options for online purchasing besides unsecured debt!)

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