Many entrepreneurs have either lost their business and/or been burdened by massive debt due to the economic collapse and the credit markets seizing. Credit is still not flowing, and if you are carrying credit card debt, banks like Wells Fargo are even making things worse raising rates 3% in advance of new laws congress put in place to supposedly aimed at stopping this exact practice.
This section is aimed at addressing financial stress, dealing with paying off debt with the vendor itself or even collection agencies who may be harassing you despite the Fair Debt Collection Act.
There is no quick fix, but an opportunity to give yourself some space while you create an environment favorable to managing the debt, with your focus on building wealth.
Trust me, I know what you are going through, I share your pain and I have recovered from this exact situation before and will do it again. Relax, your life will get better. As Bob Parsons, founder of Go Daddy says, "They Can't Eat You!"
The stress we have reminds me of an when Jay Leno asked Bill Clinton, "How did you always seem to get out of the messes you found yourself in?" and Clinton replied, "Simple, when you are in the hole, you stop digging!"
Getting control of our situation requires that we stop digging and quit trying to fix our problems and focus on creating high margin, profitable income that has minimal expense tied to it.
Let's face it, you have no negotiation powers with your creditors if you have nothing to offer them, but if you can create profitable cash flow, you suddenly become the person with great power to influence the way they treat you.
The key, is to establish enough income, that you are in a strong negotiating position, until then, talking is worthless.
Coming soon, is a message on how you can get those creditors off your back, focus on making money and find wealth....
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