Wisdom in crisis
June 22, 2020
I’m Miriam Neff-with STARTING OVER FINANCIALLY, and I’m Valerie Neff Hogan, and we’re here to talk about money.
V When we face a financial mess or crises, a natural reaction is to want to fix the problem immediately. We may be tempted to take out a loan or credit card to absorb old debt, or a home equity line or refinance a mortgage.
But this doesn’t change the PATTERN OF BEHAVIOR that led to the crisis to begin with.
M A medical matter or beyond our control event, may still require a change of behavior, but consolidating your debt and not changing your behavior when there is a pattern of overspending just leads to more debt.
V It’s best to look at and address the root cause. You might not like what you see, but that is where a real solution begins.