We all try to remain debt-free; but somehow, we still end up in a financial hole. If you are one of us, then you know what it means to think out hard and long about getting out once you are in. Sometimes the vow of frugality is not enough. Even that of austerity does not help. A little of cheese and macaroni still might not cut it. So, why not learn a few things about debt management.
Never go through this problem alone. Most people think it is expensive to engage a professional about handling debt, but you might just be shocked to learn that you’re probably the one doing things wrong. With a little tweak of your financials, you might bring yourself to a whole new world of realities.
Sometimes it is just a little HSA account that will turn your taxes into an IRS refund or that term insurance that saves you 12.5% on your life insurance. Engaging a professional is good, but always strive to get the best. Sometimes the size of your debt might not be a problem to you, but here are a few pointers that you may need to check out for if you want to know if you need professional assistance.
If there is this niggling debt situation that keeps getting in your way every time, then you may need it checked. Just like an aching tooth, you shouldn’t live with a problem that keeps coming. Again, if you’re truly debt-laden and have no way to cope. Don’t wait until this happens, if it has just dawned on you that you’re there, then you better start the day with an appointment with a financial planner.
Here are the three smart ways that will never fail you.
1) Be smart, consult a planner
It is as easy as ABC to say from my end here. Did you know that you can snowball your credit cards? Did you know that you can open a balance-transfer credit card? Did you know you can borrow a home equity loan, from a 401(k) plan or even renegotiate terms? You can actually do that and much more to ease your debt. You just need to know it to even think of it. Consult, it never gets better because, most people, while trying to negotiate out of debt, find themselves in more than just a bigger financial hole.
2) Credit counsel and arrangement
Debt counselors like Nationwide Debt Direct have been in the business for long. Sometimes you don’t know what to do, where to start, or who to see if you need to negotiate a debt. Debt counselors and managers can safely manage your chapter 13 bankruptcy. You don’t have to get that bad to contact them though because they deal with all level of debt.
3) File for an automatic stay on your debt
When it comes to the worst, and you have few options on repayment, you may want to consider bankruptcy. It is advantageous because it can give you a permanent reprieve. But, always be informed fully about the repercussions. If you really cannot put it together, it is a good option for you. It gives you a fresh start. As they say, the best thing about hitting rock bottom is that there is only one way to go – up!