Marketing tips and advice for small business from expert Eric Gilboord

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Maybe you have some debt you'd like to get rid of.

Many things will help put a band-aid on your debt situation. However, you will never recover from the endless debt syndrome if you don't increase your level of awareness about the behavior that got you in debt in the first place.

Here are 5 debt myths that you may be acting as if you believe.

Myth #1 - Higher income will get you out of debt.

Nothing could be further from the truth. In fact, statistics show that the more money you make, the higher the amount of your debt.

Myth #2 - Small debt is no Big Deal.

People who think that small debts don't make a difference usually have large debts. The secret to getting out of debt and staying out of debt is to stop incurring even small debts.

Myth #3 - If the interest rate is low, then the debt is OK.

Even if the loan has 0% interest, you're still increasing your debt. This sales gimmick often fools people. They don't look at the debt; they look at the interest rate.
If you can't afford it, you still can't
afford it with the interest rate lowered.

Myth #4 - The debt doesn't matter because inflation will bail me out.

Let's say you buy a house that's much bigger than you need. You know that in a few years, you'll make all the money back because the bigger house will be worth more. In the meantime, you struggle just to make payments.
Remember these four words: "First survive, second thrive".

Myth #5 - You are entitled to it.

Many people will totally disregard the debt or expense because they feel a sense of entitlement.  You may have said: "I deserve that item."

Now, which one of these myths do you believe?
Chances are that you'll say "none", in
self-defense. Nevertheless, your behavior might indicate that you act as if you believe some of these myths.

Get on the right track to get out of debt and never go back in debt again.

Courtesy of Raymond Aaron