Page 24 - Benjamin Franklin\'s The Way to Wealth: A 52 brilliant ideas interpretation - PDFDrive.com

behemoth.

The first thing to do is to recognise it and stop pretending it’s not thereIf
there is a quick-fix means of cutting your debt down to size then do it
immediately—whether that means chopping up your credit card and
transferring the balance or reining in the executive expenses. The chances
are that by the time you recognise the problem the quick fixes will only
buy you time and won’t be enough to clear the backlog. The next step is to
talk to your creditors. This will not be easy especially as the natural
instinct, whether personal or corporate, is to put doing it off. So make a
virtue of a sticky situation and be as open and transparent as possible.
You’re not going to look good for getting into debt, but any creditor who
suspects that you are hiding even more debt is going to lose faith in you
altogether. This is as true for banks as it is for anyone—trading partners,
foreign governments and maiden aunts.

Coming clean is the first step towards coming up with solutions.

HERE’S AN IDEA FOR YOU…
Talk to someone; Oprah and Franklin would be united about this. Your
debt isn’t unique. Sharing the load will go a long way to dealing with
the despair, making it easier to shift into action and deal with it. The
first, and hardest, step is to stop the denial and address the problem.