Great Ways to Ease Debt Pressure
There are many things that can cause people to find themselves drowning in debt/ Whatever the reason, being deep in debt can create a lot of pressure which can cause problems in all other areas of our lives.
This post has a few of my personal experiences, as well as some tips that may help you get out from under your debt load.
Do you have a getting out of debt story you can share? Please drop a note in the comments below. If debt reduction is your passion, perhaps you'd be interested in writing some guest posts on Free N Frugal USA.
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How Deep is Your Debt?
No matter the size of your debt- pray and ask for guidance in your finances. Taking our cares to God in prayer is one of the greatest freebies available.
Then take out your scissors and cut up your credit cards or put them in a plastic bag and freeze them in a block of ice.
Over $25,000 Debt Load?
Are you in deep deep debt, like I was? It doesn't take long to accrue over $25,000 in debt. However, with sizeable debt, you need expert help - immediately!
Make a free Debt Elimination Appointment with the Financial Literacy Group. The Financial Literacy Group's Debt2Wealth program has saved American consumers over $2 Billion in interest payments. They are a Better Business Bureau accredited business that helps people from all across the USA who have over $25,00 in unsecured debt. Even more importantly, their Debt2Credit program is accredited by the American Fair Credit Council, a leading consumer advocate with the strictest Code of Conduct in the industry. Can you imagine the relief of knowing exactly when you can be out from under your debt burden? The Debt2Wealth program through the financial Literacy Group not only gives you a debt-free date but also equips you with a financial GPS that directs you to zero debt. AND they guarantee it! Stop imagining the freedom get your Debt Elimination Appointment with the Financial Literacy Group now. |
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$10K to $24,999 in Debt Load?
Contact all your creditors right away, and be honest about the financial situation you are in. Tell them that you want to pay them back and ask if you can negotiate a payment plan. In a repayment plan, the interest charges stop - as long as you do not try to charge more items. Sometimes churches can help you in negotiations with creditors. Many creditors would much rather you set up a repayment plan than go forward into declaring bankruptcy. If using credit has been a lifestyle, it may be very difficult for you to imagine living without credit cards, but it can be done.
$2,000 to $9,999 Debt Load
If you cannot get a consolidation loan, shop around for a lower interest rate. Some credit cards offer no interest on balance transfers for anywhere from one to three months.
Some financial advisors will tell you to pay off the smallest bill first, while others will say to pay off the highest interest rate account first. I tend to agree with the latter.
Use that time to try to sell anything and everything you do not use on a daily basis and use the funds to pay down your debt.
Look at some ways you might be able to get some extra income by renting out a spare room or even welcoming campers to your backyard. Another possibility - go camping and rent out your home. However, be careful to check with your insurance company first.
Slash bills. Are there subscriptions you can cancel? Take a vehicle off the road and save on insurance. cancel cable bills and switch to just using the internet. Slash phone bills. by using calling apps like Google Hangouts. Cut electricity bills by using solar lights, hanging your laundry to dry, cooking less often, and growing more of your own food.
My Big Bad Debt Stories
Years ago, I attended a seminar where the wealth advisor said the first month you can not pay your entire credit card in full, take out a consolidation loan. At the time I was over my head in student and credit card debt. I declared bankruptcy to be able to come out from under that burden.
Later on, I thought, that I could manage using a credit card safely, but no- once again that credit card was just too tempting to use, and I ended up deep in debt once again. That time, I choose to take part in a repayment plan.
A third time, when I was caring for my father, and on a disability pension, I ran into a sudden scary financial situation that needed a miracle, but that's another story/.Let's just say -miracles do happen!
What is your debt story?
Pop a note in below before you go!
Have a great day,
Remember to pray,
Things really do change that way!
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