10
Book I: Taking Charge of Your Finances
Some Preliminary Questions
You can get a rough sense of your debt problem by honestly answering the
following questions. The more "yes" answers, the more work you have to do.
Are you clueless about how much you owe your creditors?
Over time, is a growing percentage of your household income going
toward paying your debts?
Do you ever pay your bills late because you don't have enough money?
Have you stopped paying some of your debts?
Are you paying only the minimum due on some of your credit cards
because you can't afford to pay more?
Are you using credit and/or credit card cash advances to help pay debts
and/or your basic living expenses, such as groceries, rent, or utilities?
Have you maxed out any of your credit cards, or have any of your cards
been cancelled for nonpayment?
Do you have little or nothing in savings?
Have you borrowed money from friends or relatives to pay your bills?
Have debt collectors begun calling you, and/or are you receiving threat-
ening notices from some of your creditors?
Are you having a hard time concentrating at work because you are wor-
ried about money?
Are you losing sleep because of your finances?
Have you and your spouse or partner begun to fight about money?
Are you drinking more or using illegal drugs to try to cope with your
money worries?
Are you an overspender? According to Debtors Anonymous, most compul-
sive spenders answer "yes" to at least 8 of 15 questions. Go to www·
debtorsanonymous·org/help/questions·htm
and take the Debt Quiz.
Your Relationship with Money
You may have the misconception that you are what you buy. You may
believe on some level that the more you spend, the more successful and
important you are. Developing that mindset is easy because all of us are con-
stantly bombarded with messages that equate money and stuff with success.
How often do you see ads promoting frugality, saving, or self-denial? If you're
struggling to keep up with the Joneses, you may need to reevaluate your
friendships. The Joneses may be driving you straight to the poorhouse.
