Find out more on Debt Consolidation Credit Counseling In Phoenix Now!
Sunday, December 28, 2008
as you already know, our economy has gone sour and many families are suffering. Thousands of companies have declared bankruptcy and millions of adults are unemployed. Banks are closing their doors and money is tight for everyone. Financial problems are rampant worldwide. Where do we turn for help when we feel that we are drowning in 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, make a list of all of your living expenses and the financial obligations you regularly incur each month. The list should include all of your monthly payments: credit cards, house payment or rent, car payments, utilities and insurance - everything. Until you know exactly what you owe, it will be difficult to construct a plan to get out of debt.
After you have determined your current debt level it is time to get professional help. Make an appointment with a credit-counseling agency that is on the approved list (has the met the requirements of the US Bankruptcy Code). There are two reasons for this: accountability and guidance. When you meet with the agency take with you the list of debts and expenses you have prepared. After assessing your situation, they will make recommendations and, in some cases, work with your creditors to help you resolve your debt.
The key to overcoming debt is to make a plan and commit to it. Even though you may feel like you are drowning in a sea of overwhelming debt, any size debt can be eliminated if you are determined to do so.
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, make a list of all of your living expenses and the financial obligations you regularly incur each month. The list should include all of your monthly payments: credit cards, house payment or rent, car payments, utilities and insurance - everything. Until you know exactly what you owe, it will be difficult to construct a plan to get out of debt.
After you have determined your current debt level it is time to get professional help. Make an appointment with a credit-counseling agency that is on the approved list (has the met the requirements of the US Bankruptcy Code). There are two reasons for this: accountability and guidance. When you meet with the agency take with you the list of debts and expenses you have prepared. After assessing your situation, they will make recommendations and, in some cases, work with your creditors to help you resolve your debt.
The key to overcoming debt is to make a plan and commit to it. Even though you may feel like you are drowning in a sea of overwhelming debt, any size debt can be eliminated if you are determined to do so.
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
2:34 AM
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