If you are one of the many people who live in a constant state of debt, don’t feel like you are alone. It is estimated that eight in ten people are in debt, with the majority of adults owing money to someone, somewhere, somehow.
These debts are most often due to mortgages, student loans, auto financing, credit cards, and medical expenses. Over 80% of baby boomers, gen Xers, and millennials are currently in debt. But the good news is, there’s a way out.
It is possible to take control of your finances and get out of debt by following these important pieces of advice.
Create a Debt Relief Plan
Easier said than done, right? Actually, there are a lot of debt relief programs out there ready to help people like you who may have found themselves in over their heads with high interest credit cards, huge balances on a mortgage or student loan, or other overwhelming debt that seems impossible to get rid of.
These companies have credit counselors who can help you determine your options and set up a debt relief plan, even if you don’t use any of their available programs. They can answer your questions, go over your options, talk to you about the short and long-term consequences of each option, and then give you the information you need to make your decision.
Credit counselors can help you create a debt relief plan that will help you repay your debts through one affordable monthly payment, saving you thousands of dollars in interest in the process. They will guide you along the way as you look at options to help you get and stay out of debt, and teach you how to pay your bills and living expenses through better management of your money.
Review Your Options
With the information you have been provided by your research and the credit counselors, you will need to determine which option is the best for you.
There are programs available to help you consolidate your debts into one monthly payment. These programs often will reduce the interest your creditors charge you, thus lowering what you owe and helping you pay it off faster.
For more extreme situations, there are insolvency options where you may be considering filing for bankruptcy or filing a Consumer Proposal. You don’t have to handle these alone, however. There are programs available that will walk you through these options and the process.
Do Your Research
Before you decide which option you are going to pursue, be sure that you have fully vetted the company you are working with and that any questions you may have were answered to your satisfaction. You should know the consequences, both short and long-term, of your debt resolution decision and how it will affect your credit and your future. You should also be 100% positive that you are dealing with a reputable company, not a scam program.
Don’t Go Through the Process Alone
With all of the available help that is out there, there is no need for you to go through this stressful process by yourself. Millions of people are in debt, and there are debt relief programs in place to help them. Why not use these tried-and-true, reliable programs to help yourself become financially stable?