Being in debt is a situation that many individuals dread and are embarrassed to acknowledge, which can sometimes cause a downwards spiral. Debt affects the vast majority of Americans, whether it’s due to student loans, a mortgage, or the less favorable credit card debt.
Thankfully, it is possible to get your arrears under control and make strides towards a debt-free life, no matter how desperate you believe your situation to be. While it may be difficult to figure out where to begin, it is important that you become informed of your options and take action.
A few simple ways to begin on your debt relief journey include:
- Looking into and becoming aware of how exactly much debt you owe
- Paying your bills on time each month
- Making at least the minimum payment
- Staying organized by creating a monthly bill payment calendar or enrolling in auto-pay (only if you have sufficient funds in your account)
However, if you have tried these or owe a substantial amount that needs immediate reprieve, you may have to resort to more serious action, such as:
Debt Consolidation – One way to consolidate your debt is to take out a personal loan, which allows you to put all of your debt into one place. By doing this, your debt is more easily managed, and you may also be eligible for lower fees and interest rates.
Debt Settlement – Certain agencies specialize in negotiating with creditors on your behalf and handle your debt payments. Though it will not eradicate your debt overnight, they can get you a lower interest rate and help you get back on track. While it may be helpful having someone else take the reigns, especially when you may not be sure where to begin, make sure to read the fine print and know exactly what the process entails and what fees are required of you.
Credit Counseling – Some organizations may also provide counseling services, ranging in price, that offer debt management and budgeting advice. Unlike debt settlement services, these agencies do not typically negotiate to minimize your debt, though they may work with you and your creditors to manage late fees and collection calls.
Filing for Bankruptcy – Filing for bankruptcy can be a good choice for assisting with medical bills, utility payments, personal loans, and unsecured credit card debt. It can give you a clean slate and allow you to rebuild your credit. While there are many things bankruptcy can help with, it may not help eliminate alimony, child support, student loans, tax debts, or stopping foreclosure or repossession.
Our dedicated team has the knowledge and resources to help you find the financial freedom you’ve been searching for. Let us help you find relief and get a fresh start. Call us today at (303) 623-4357 for immediate assistance, or fill out our form on our website to schedule a free consultation.