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and not to quickly sign on the dotted line.

Find hidden income. Make sure you are not paying too much for things like insurance, phone services, the extra phone, which may be a luxury and not a necessity. Become more frugal in your lifestyle, turn off lights, stretch out meals, learn to not waste to minimize your expenses to help you recover. Every dollar you are not spending helps bring you that much closer to not being flat broke.

Look into local assistance programs. If your broke not necessarily due to spending, but low income, there are a number of programs available to help you. Community food closets, rescue shelters, churches, and government programs are for people in need. It's okay to be in need as long as you are not taking advantage, and when you recover you give back to the community to help others out of the place you were once in.

Increase your income with a second job, or a new job that pays more than your existing one. If you have no job, find one. If you cannot find one, create one. It does not take money to start a business. Certainly it would if you were going to produce microprocessors or automobiles, but you are broke so start small. Find a service people need and meet that need.

You are broke now, but there is still hope. Accept your situation, address it, and let your creditors know so they can work with you. Do not let others pressure you into what they think your options are, stop, think, consider, evaluate, plan, and then make the choice best for you short and long term financial success. Free up money you may spending needlessly, and increase your income. Recovery wont happen over night, but patience, discipline, and a little suffering will get you back on your feet and you'll be stronger for it.

Learn more about this author, David Kramer.
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