Getting out of debt by taking control of your fear

2007-03-08 10:33:40

( Financial )



Getting out of debt means taking control your fear so you can start effectively managing and paying off your debts.

Don’t be afraid to learn how much debt you owe and start listing and tracking all your debts. Jot down the amount, minimum monthly payment, and the interest rate you’re paying. Getting out of debt means creating a budget for yourself and developing a smart repayment plan. A finance software can help you track your spending and make comparisons with your budget.

Don’t be afraid to call credit card companies yourself and negotiate for lower interest, lower monthly payments, repayment period or debt balance. Don’t be afraid to call your other creditors and ask for lower installments or grace periods. Let them know you want to pay them and explain your current situation. Getting out of debt means overcoming your fear of these people. Keep in mind that they will work with you because they want their money back.

Don’t be afraid to ask for help from a debt consolidation service or credit counseling service to develop a plan for you and help stop threatening phone calls and letters from your creditors. However, be very cautious when choosing a company and do research first to make sure you are dealing with a reputable company. Also be cautious about getting a debt consolidation loan. Make sure that the total payments of the charges and interest of the debt consolidation loan are less than the amount you are paying now. Is it really a debt buster deal or will the sky-high fees just add to your credit?

Don’t be afraid to give up all your credit cards because it may be part of a condition of your debt consolidation program to control your spending.

Ask for professional help but never forget that the most important debt buster tool you can have is your own personal courage and will to accept your situation and take responsibility for your debt.


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