Yes, You Can Get Out of Debt
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?
Even though you may feel you are overpowered by financial difficulties, help is available. As complicated as it may seem at the moment it really is possible to get out of debt. According to credit counselors, your first step to be determined to get out of debt and formulate a credit reduction plan.
To create a plan to get out of debt you must first take an in depth look at your finances. This means you will need to know exactly what you owe and how much interest you are paying on your mortgage, auto loans and credit cards. Start by cataloging 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.
Once you have made a list of your current financial obligations it is time to make an appointment with an approved credit-counseling agency that has the met the requirements of the US Bankruptcy Code. Take the list of your debts and expenses when you meet with your credit counselor the first time. He or she will assess your situation and make recommendations. It is also possible that he or she will contact with your creditors to help you reduce your payments and/or your debts.
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.
Even though you may feel you are overpowered by financial difficulties, help is available. As complicated as it may seem at the moment it really is possible to get out of debt. According to credit counselors, your first step to be determined to get out of debt and formulate a credit reduction plan.
To create a plan to get out of debt you must first take an in depth look at your finances. This means you will need to know exactly what you owe and how much interest you are paying on your mortgage, auto loans and credit cards. Start by cataloging 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.
Once you have made a list of your current financial obligations it is time to make an appointment with an approved credit-counseling agency that has the met the requirements of the US Bankruptcy Code. Take the list of your debts and expenses when you meet with your credit counselor the first time. He or she will assess your situation and make recommendations. It is also possible that he or she will contact with your creditors to help you reduce your payments and/or your debts.
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 Credit Counseling at
3:32 AM
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