2014 is just around the corner and here are a few tips on how you can live DEBT FREE!
If you are like millions of consumers, you probably have taken on too much debt this last year.
This could be due to just too much spending or because of circumstances beyond your control, but either way, carrying too much debt creates all kinds of stress!
Here's a few tips that can help you live debt free in 2014:
If you don't know exactly where you are financially, then it's time to find out! Many people have no real idea of what they are spending money on. If this is you, it's time to do some homework and complete an honest (that's right...list everything coming in and going out!) budget worksheet.
Once you know where you stand, it's time to decide what the best plan of attack on those debts should be.
If you are just making the minimum payments on all of your unsecured accounts, then you know it could take many years to finally repay those debts.
You may be qualified for a DEBT MANAGEMENT PROGRAM.
Advantages of a Debt Management Program:
- ONE Monthly Payment
- Reduction or elimination of your interest rate
- Forgiveness of over-the-limit or late fees
- Usually DEBT FREE in approximately 48 months (varies)
But, if you are not making the minimum payments, and have had some or all of your accounts going to collections, you should consider a DEBT SETTLEMENT PROGRAM.
Advantages of a Debt Settlement Program:
- ONE Monthly Payment which is usually about half of what your total payments are now!
- Eliminate Debt Collection calls
- Settle many of your accounts at 50% or less (varies)
- Usually DEBT FREE in 36-48 months (this will also vary with the amount of debt)
But, what if you just are so far behind that you do not have any discretionary income (money left over after all the major bills are paid)?
If that is the case, then you may need to consider BANKRUPTCY PROTECTION.
Notice I said "Bankruptcy Protection". Bankruptcy allows someone who is just too far in debt to ever recover, keep a very large portion of their assets (home, car, etc.) and have most or all of their debts dismissed.
There are different types of bankruptcies, and you should consult a BANKRUPTCY ATTORNEY to decide which one would be best for you.
You can be DEBT FREE, but you have to take action.
If it seems overwhelming, we can help.