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Myth 1: I'm a loser and a failure because I'm in financial trouble.
Reality: You have to accept responsibility for your actions and remember that you did accept the credit with the promise of paying it back. But most families and our schools do a poor job of teaching financial responsibility. How many classes did you take while growing up that taught you how much credit you should accept? Maybe the truth is that you made a mistake and got in over your head because you didn't know better. If you can learn from this mistake, you are neither a loser nor a failure. Accept your setback, learn from it, and move on.

Myth 2: My financial condition is so bad that my situation is hopeless.
Reality: Although your problem may not be solved in a way that you would envision, a resolution can always be found. Open your mind and be realistic about your options. Ultimately, you have to choose a solution you are most comfortable with.