Drowning in Overwhelming Debt? There is Help
With the recent downturn in the economy people everywhere are feeling the effects of the current financial crisis. Banks and businesses are closing, people are being laid off from work and the outstanding debts are piling up. It seems as if the whole world is grappling with financial problems. Is there any help for overwhelming debt?
As overpowering as it may seem while in the middle of financial difficulties, it is possible to get out of debt. Credit counseling experts advise the first place to start is to realize the necessity of formulating a credit reduction plan and in being determined to stick to the plan.
In creating a plan will need "get real" about your debt. Do you know exactly how much you owe? Or, what interest rates you are paying on credit cards, and on your mortgage or your auto loans? Start by gathering and recording all of this information.
Next, list all of the day-to-day living expenses and the financial obligations you incur each month. This means noting all of the monthly payments you owe on credit cards, mortgage (or rent), utilities - every expenditure you incur on a regular basis. Be thorough with this as it is very important. You cannot make a plan for debt reduction without a thorough understanding of your current financial obligations.
After you have determined your current debt level it is time to get professional help. Make an appointment with a credit-counseling agency that is on the approved list (has the met the requirements of the US Bankruptcy Code). There are two reasons for this: accountability and guidance. When you meet with the agency take with you the list of debts and expenses you have prepared. After assessing your situation, they will make recommendations and, in some cases, work with your creditors to help you resolve your debt.
There is help for overwhelming debt if you make a plan and commit to it. Whatever you do, do not let feelings of helplessness overpower you. Instead, simply take the necessary steps to get out of debt and achieve financial freedom. It can be done.
As overpowering as it may seem while in the middle of financial difficulties, it is possible to get out of debt. Credit counseling experts advise the first place to start is to realize the necessity of formulating a credit reduction plan and in being determined to stick to the plan.
In creating a plan will need "get real" about your debt. Do you know exactly how much you owe? Or, what interest rates you are paying on credit cards, and on your mortgage or your auto loans? Start by gathering and recording all of this information.
Next, list all of the day-to-day living expenses and the financial obligations you incur each month. This means noting all of the monthly payments you owe on credit cards, mortgage (or rent), utilities - every expenditure you incur on a regular basis. Be thorough with this as it is very important. You cannot make a plan for debt reduction without a thorough understanding of your current financial obligations.
After you have determined your current debt level it is time to get professional help. Make an appointment with a credit-counseling agency that is on the approved list (has the met the requirements of the US Bankruptcy Code). There are two reasons for this: accountability and guidance. When you meet with the agency take with you the list of debts and expenses you have prepared. After assessing your situation, they will make recommendations and, in some cases, work with your creditors to help you resolve your debt.
There is help for overwhelming debt if you make a plan and commit to it. Whatever you do, do not let feelings of helplessness overpower you. Instead, simply take the necessary steps to get out of debt and achieve financial freedom. It can be done.
About the Author:
Eileen King is a home-based freelance writer whose areas of interest include personal finance, online college education, and professionally and career-focused online degree programs for working adults.
posted by Debt Consolidation Loan at
9:48 AM
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