No matter why you find yourself in debt, anyone with personal debt understands the heavy burden that can accompany finances in disarray. You could be in debt because of unforeseen circumstances such as losing your job or having a medical emergency; you may have taken out loans to pay for college or a house; or maybe you simply ran up your credit card.
Whatever the reason, overwhelming amounts of debt can become emotionally crippling and can negatively affect all aspects of your life. If your bills are overdue, you’re probably all too familiar with daily debt collection calls barring you from relaxing. Some people work overtime or take on side jobs to earn a little extra cash. Others bring the stress into their marriages and weaken personal relationships.
Debt has a way of taking over your life, usurping your free time and energy. But it doesn’t have to continue. Options like debt settlement and debt consolidation can help you get your financial life back on track. With the help of such financial programs, you could be completely debt-free in a matter of months.
Debt consolidation helps you keep track of your bills by combining them into one easy monthly payment. This option can save you money predominantly by lowering your interest and reducing your fees. If you’re having trouble paying bills on time, it can also help you keep accounts current and avoid late fees. And it can buy you more time by lengthening your repayment schedule to better fit your fiscal needs.
If you’re a good candidate for it, debt settlement has even more benefits. A credit counsellor can guide you through the entire debt settlement process. You’ll save up money for a few months, and then your counsellor will offer the lump sum to your creditors. Even though your savings are only a fraction of what you actually owe, creditors may take the deal and consider the debt paid in full. For typical debtors, a successful settlement deal can mean saving thousands of dollars and shaving off years in repayment plans.
Either of these options – as well as additional programs like debt management plans and budget counselling – can help you rein in your personal debt and live a happier, calmer life.
Imagine leaving work on time, quitting that second job and clearing off the piles of bills on your table. You’ll be able to eat dinner in peace without having it interrupted by phone calls from debt collectors. You’ll be able to start an emergency fund, save up for a vacation and use your money in rewarding ways rather than putting it all toward paying off old debts.
These events are all within reach. Make the decision today to become debt-free. You can start on the road to financial freedom by consulting a credit counsellor. An experienced counsellor will be able to review your situation and help you decide which debt resolution strategy will work best for you.
Elina Smith writes and blogs about issues touching on personal financial well-being and issues that influence it for Debt.org, America’s Debt Help Organization.