Compliance, Buy-In or Ownership of Your Debt Repayment Plan

Dino KF Wong
Mind Fighters

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Photo Credit: Pexel.com

A debt repayment plan is one of the many tools available for a financially distressed individual to use in managing their debts. It bounds to fail if they do not have any idea, proper expense planning or a compelling goal setting to manage their debt repayment journey.

Gerard Egan (2013) mentions that commitment to goals can take different forms — compliance, buy-in and ownership. Compliance takes form of a person following certain points that they could register and felt it may help the situation. Whereas Buy-in would have more pushing factors and believes for the person to start somewhere and stay committed. The commitment level of compliance and buy-in is relatively difficult to maintain because the person may face new challenges and finds it difficult to balance the limited resources they have.

Ownership is the highest form of commitment among the three forms. The person would have identified the compelling goals they wish to achieve through the exploration stage of the counselling session. By taking ownership of their goal, the person would be able to start establishing achievable milestones for them to do progressive check-ins and tweak their behaviours and habits along the way. When the person makes the first step forward to their goal, they moved beyond the resistance to change. Such constructive change will…

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Dino KF Wong
Mind Fighters

Financial Counselling & Coaching at Credit Counselling Singapore. Believes in positive psychodynamic approaches in life. Visit my website: www.dinokfwong.sg