When the Issues Related to Money Turn into Ego-Battle between Spouses

The passage of time often brings in added existential dilemmas and complications in life, and money plays a very dicey and tricky role in this aspect. The recent financial wounds caused by debts and other financial downturns has touched all our worlds equally and made us turn to various debt settlement companies and debt management programs in order to re-shape our distorted face of personal finance and to put together the scattered pieces of financial security. Since ages we have run and chased money to debt at times and at worst moments, monetary issues have seeped into our familial life as well, and at many times, it has wrecked havoc in marital lives; sometimes in form of ego hassles and at times in form of financial deficiencies. Till now you must have read many blogs related to financial deficiencies which damages marital bliss and understanding between couples and partners due to several forms of economic stress and financial insecurity but very few people read about the most common threat posed by money-related aspects in married couples or partners, and that is the ego hassles between them. We are living in a century of complete gender parity where both men and women are equally positioned as professionals, as well as personal domain.

 It has thus been noticed several times that disparity in income earning and slightly unequal material possession by either of the partner creates an environment of envy, ego and latent feelings of complex on the partner who is comparatively falling behind the other one in terms of income generation and wealth building. This situation generally occurs at home where both the partners are equally ambitions and career-driven, apart from belonging to the same professional field which leads to subtle competition between each other resulting into professional resentment and personal self pride, if not checked at proper time. For example the recent conditions of debt had brought a curse called recession which saw many people jobless and unemployed and there appeared many homes where the male counterpart have to sit back at home in search of a new employment prospect, while the female partner somehow managed to retain her source of income. At such cases, the infamous male ego triggered by a feeling of financial loss and insecurity starts playing dirty to loosen the chords of marital faith and maturity between partners. Numerous such anecdotes can be found around you where money and wealth have played a critical role in imbibing ego tussles between partners. But above all, everyone should remember the fact that at such financially turbulent times, money and its assistance is much more important as any decent source is much more important than the fact that the woman of the house is earning it for the family.

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The Much-Needed Equilibrium between Greed and Gratification

To explain the current economic crisis, we need to examine various internal and external aspects of the national and personal financial states like the consequences led by debt and the relief and solutions provided by debt care options like debt management programs and debt Settlement Company etc. The language of psychology however, helps to address the fact behind the economic decline in a most interesting manner using the theory of hitting a balance between one’s greed and gratification. It has been noticed an umpteen times that people often pay no heed to fine-tuned economic models and ideals by doing irrational things, which are certainly not in their best interest and are importantly guided by emotions and lack of equilibrium, as they are often confused about whether to be greedy and acquire money without considering other aspects like ethics, humanity or principles or to stay gratified with whatever they own by being indifferent to the all available and possible ways and sources of extra income.

Falling short of a well-balanced thought process or an appreciable decision-making ability is nothing new with people who are more desperate than determined to acquire wealth and as a result they miss out the much required wisdom and enlightenment which are necessary to give us guidance towards the right path of gaining prosperity through financial freedom and security. As a result we are unable to take the mid-path of co-utilizing a healthy proportion of both greed and gratification that would complement each other in order to help us retain our sensibility and sanity in the race of wealth acquisition. Instead we are either being too greedy to control our sense of right and wrong in the pursuit of financial power or choosing to be too gratified with our limited sources of income and ignoring all added possibilities of money-making. One of the major causes behind this failure of balance is our own misleading ‘emotions’ which has not only led America to the recent economic deficit but is also keeping the damages intact for a long time. Thus when it comes to national or personal financial status, we forget to harness our instinct or intellect but take shelter in our emotions and on ‘how we feel about the entire situation’. And this undisciplined and misbalanced mindset is keeping us from achieving our financial goals which is possible only when we successfully harmonize both our greed and gratification.

 

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Think Twice Before Gifting Your 18 Year Old with a Credit Card

Owning a credit card by an 18 year old brings in galore of feelings of freedom, power and affordability, but often the accompanied senses of responsibilities, sensible spending and financial maturity is underestimated and ignored, which results into the existence of several credit card debt relief options and credit counseling services. Thus it is but common for the maximum number of parents to worry about their 18 year old children and their growing wants and demands that undoubtedly include the possession of a personal credit card. The same thought perhaps have moved the lawmakers to make it much harder for young adults of age 18-20 to obtain their own credit cards, according to the Credit Card Act of 2009. Under this act, anyone falling under the age group 18-21 has to meet few extra requirements before being eligible to hold a line of credit. They either have to give evidence of their high monthly and regular income in order to pay off the bills, or must have someone over the age of 21 with sufficient income and credit who will co-sign the clauses and terms with the card holder.

This is where the decision and duty of the parents come into play. The new age teenagers and young adults have a heightened level of awareness and information about all aspects and sources of consumerism, and have gathered knowledge of how to harness and exploit the same for gaining material luxuries and finding hedonist pleasures. What can be a greater and easier way than possessing a credit card in this respect! Thus the parents have to take a strict call on deciding whether it’s the right time to consider gifting a credit card to their otherwise grown up children or do they still need more lesson and wisdom of handling this responsibility. Unless you are blessed with an extraordinarily hard working, sincere and ambitious kid who would not rake his income for credit card, you have the power to acquiesce or deny their request. The fact is that, if your child’s income fails to satisfy the requirements of regular credit card payments, and does not meet the standard that creditors deem as satisfactory for handling the expense, then probably he/she should not have any business owning a credit card, and you too as a parent should understand the situation without being rushed in with parental emotions which can harm your child in the long run. On other hand, credit card should not be denied to a child who has taken care of his/her financial responsibilities and is not dependent on parents’ money; someone who has the credibility to pay off the loans regularly and can take charge of his/her own wants and needs. 

So the parent can exercise their sense of judgment by denying and restricting their undeserving children from owning a credit card if they lacks maturity and financial stability to handle their money wisely.

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The Key Lies in Managing Your Money Wisely

As we keep on sinking more and more into our debts and monetary concerns, even the debt relief companies with their various debt consolidation, debt settlement and debt management options are falling short of debt remedies. It is like getting locked in a room which has caught fire and having difficulty in locating the right key out of a bunch of dozens, to open the door. Well, imagining the situation may help in focusing on the most apt and handy option wherein the key to all cash crunches lies. The art of wisely managing our money does actually solve numerous financial downturns in our life. First of all, set an amount aside in order to pay yourself first which should be deposited in your personal savings account, which can be considered as the first healthy step towards managing your money. The task then starts from setting wise and realistic short and long term financial goals for now and your later life. These generally provide enough motivation and encouragement for achieving financial strength and success. Next it is most significant to understand the difference between needs and wants, followed by prioritizing each requirement according to its importance in life and survival.

This is a vital step that determines the person’s sensibility and maturity in managing one’s money, desires and debts. Needs regarding housing, mortgage, rent, food, clothing, transportation and medical aid should be of top priority. Next, one should have an honest knowledge about what and how much amount to spend to acquire the things of significance apart from having a clear knowledge about how much amount is being paid for vital needs and utilities in each month. Make sure to have information about the total household income and the total household expense along with the difference between the two amounts. Make an estimation of amount spent for clothing, furnishing and other aspects and list all payments and contributions you make each month, as well as keep a track of what you spend on food, recreation and other items for a week. Create a budget and a spending plan and remember to use credit facility only for your financial advantage. It is advisable to make down payments in credit or to pay back as soon as possible. Lastly, don’t forget to keep the financial records which acts as a storekeeper of all your financial data and facts with proper evidences and information.

Credit Repair: A Few Facts

Growing debt problems and diminishing paychecks are an aftermath of recession. There is an increased urge to find out new and convenient ways of credit repair. Unlimited credit spending by the consumers has resulted in a tarnished credit score with the accumulation of huge debts and non payments, along with delinquency. There are spectrums of professional credit repairing services or options available for the consumers. At times they are practically bewildered with such a wide variety that very often it leads them into traps, and more than credit repair it results in an utter chaos and confusion. Before pining on a particular credit repairing agency, one must go through a series of researches to get hold of one, which can guide them through proficient and rightful methods of credit repair. It is also important that the agency should have sufficiently good records with BBB and other related accreditations. 

However every consumer should be convinced about the plan of action adopted by these agencies and the difference of settling the debt issues without any professional help. Statistics reveal that those agencies which have maintained a fair record and a better success track are of much help as they are well versed with the legal consequences of adopting unfair means to pull in consumers. However, BBB has got the largest number of complaints of unlawful methods of settling debts during this year. A new code of law has come into effect, which stresses on certain mandatory and specific disclosure for debt settlement agencies intending to carry their procedure through telephone.In brief, for taking care of matters related to personal debt and finances you can hardly afford to make mistakes.