Families members may be in debt and this needs to be identified and taken into consideration. They may be in serious credit card and high interest loan debt. As the man of the family, one must add up all of the expenses of the family, including children, and come up with a total. This should be done individually for each member. Once this data is collected, it can be added for a family total. Take out a real life paper and a pen and write it all down on hard copy.
The instrument of mass consumption is the credit card and it’s ability to financially destroy whole groups of people. The high interest rates will cause a compound explosion of debt for those who are not careful. One must be aware and vigilant of purchases made. For this piece of plastic can of great detriment to many who thought their lives were financially secure.
The first step is to identify outstanding credit cards and high interest loans by writing a list on a piece of paper of the name of the credit card and what the total amount is owed. This can be done by calling or checking the amount on the internet. Once the amount is totaled, this can evaluated based on what and where the money was spent. One must know what the damage is before being able to repair and rebuild.
The next question is how to defuse this financial contraption. This is only for those who have the knowledge of how to do this and has experience doing it. One should seek council once a month with a financial planner to honestly examine the financial issue. There are free places where this can be done, such as at ones local bank. The issues is not the credit card itself, but it is the inability to pay it off each month that causes the exploding interest. One must defuse the bomb each month. Otherwise it will explode next month.
Each individual in the family must make their own personal budget. When the threat of debt is eliminated, one can begin to save and perhaps even give. A thought.