There is one more aspect of facing the debt problem. One of the famous German financier and coach trainer for personal development Bodo Schefer based on his life experience proposes following solution to the debt problem:
Well, basically it is not a solution but rather question. Where are you going to be or who are you going to be after you paid off all your debt? Simply paying off debt is often not enough. As soon as you finished with all your credits, you would be at the same position as years ago when you started paying off.
Basically the idea is that when you are paying off some amount of money to the various creditors also pay off some amount of money to yourself in order to create safety account. Further on you can either invert that money, or just keep them in bank on deposit account and receive monthly payment. In any case that money will become your security deposit in case of unemployment or illness. You are not just getting rid of the debt but also trying to get rich.
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