How to get debt free
DParish
Having trouble paying your bills? Receiving dunning notifications from creditors? Are your accounts being turned over to debt collectors? Are you concerned about losing your home or your car? Or maybe you are just fed up with being in debt.
You are not alone. A lot of people face a financial crisis some time in their lives. Whether the crisis is caused by personal or family illness, the loss of a job, or overspending, it can seem overwhelming. But often, it can be overcome. Your financial situation does not have to go from bad to worse.
If you or someone you know is in financial hot water, consider these options: realistic Budgeting, Credit Counseling from a reputable organization, eliminating Credit Card Debt, or bankruptcy. Debt Consolidation is yet another option and finally Debt Negotiation. How do you know which will work most effective for you? It depends upon your level of debt, your level of discipline, and your expectations for the future.
In following articles we will talk in depth about the different ways on How to get debt free. The first order of business will be the elimination of Credit Card Debt which I will discuss on the next article. The last resort on How to get debt free should be bankruptcy. I will talk briefly on this subject but is not a topic that I will suggest unless all other avenues have been thoroughly explored. I am not suggesting that this is not a viable option, only that it should be the last resort you take on How to get debt free.
Debt is a problem that is spreading like wildfire and now is the time to get out of debt and stay out of debt. Here is a few statistics that is absolutely mind boggling:
Consumer Debt exceeds the National Debt.
Consumer debt is on the rise. It rose from $731 billion in 1992 to about $1.5 trillion today. This includes a huge increase in unsecured credit card debt: from $292 billion in 1992 to $654 billion at the end of 2000. It is a remarkable trend since credit card debt was only $50 billion in 1980.
Three out of five U.S. households have an average credit card balance of more than $11,000. Paying only minimum payments at 24% interest, it would take 22 years to pay it off – and you would pay over $47,000 in interest.
The amount lenders collect in late fees has risen from $1.7 billion in 1996 to $7.3 billion last year.
Astonishing isn’t it! Right know is the time for you to do something about this every growing problem. It starts with you, a desire, a decision and a commitment that you
want to get debt free.
In order to get debt free or to get out of debt we should not consider debt consolidation or consumer credit counseling agencies your first stop. These should be a last resort! Although they may be tempting, if you’re going to get your act together, doing it on your own will help you learn the skills you need to fix your own problem and avoid getting in this situation again. Admit that you are in debt problems and seek for a professional help. We should start making payments and say no to old payment.
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