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Same Old Debt as Last Year? Stop Living a Financial ?Groundhog Day?

By Dana Wilkinson, Attorney at Law

On Groundhog Day, it is fitting to consider whether you are living in a financial ‘Groundhog Day.’  Remember the Bill Murray movie?  A self-absorbed weatherman is doomed to repeat the same day over and over, until self- awareness is achieved.  David Pitt of Today points out the financial corollary:

Is there a shadow cast over your financial life? Maybe that’s because you’re stuck in a seemingly endless cycle of paying too much in taxes, fees, and penalties.

Many of us are like Bill Murray’s weatherman in the movie “Groundhog Day,” when it comes to managing our own money. We’re searching for a way to break through repeating the same financial mistakes and reckless habits.

The good news is that greater self-awareness can help. Just as it enabled Murray’s arrogant forecaster to escape reliving the same day in Punxsutawney, Pa.

Pitt’s suggestions include tracking your spending, watching what you spend on ATM fees, monitoring insurance costs, home energy audits, and eliminating credit card balances.  I would add that if you are still carrying the same credit card balances that you were carrying this time last year, it may be time to consider getting some help with those balances.

If you are stuck in financial limbo, it is time to consider bankruptcy.  If you have been paying minimum payments on your credit cards, and the balances aren’t going down, or worse, are increasing, it’s time.  If you have been struggling to pay the same medical bills, and you’re just not getting anywhere, it’s time.  Even if you’re still paying everyone, but you have no savings, and no excess in your budget after paying your bills and basic living expenses, it is time to find a way to resolve your financial ‘Groundhog Day.’

So, Punxsutawney Phil did NOT see his shadow today, so theoretically we can look forward to an early spring.  When you take off that heavy coat, consider shedding some of that debt load that’s had you in a state of financial suspended animation, too.

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Full post as published by Credit Law Network on February 02, 2011 (boomark / email).