Understand what are the typical signs of a debt problem and if you think you are facing one already or are heading towards one, take immediate steps to tackle and resolve your debt.
o You have to spend more than fifteen to twenty percent of your net income to make mortgage payments, car loans or credit card payments.
o Your first solution to pay off debt is to take small loans from elsewhere.
o You do not have a complete idea of how much you owe in total.
o Every month you end up making only the minimum payment on your credit card or store card bill.
o At times, you are able to make the payments very late in the month or not at all.
o You have been contacted often by creditors trying to collect the amounts you owe to them.
o Stores have started refusing you credit and you are having trouble getting credit cards from other banks.
o You have written out checks that have bounced.
o You have had to take a second drp 公司 and third job just to pay off your debts.
How Can I solve my Debt Problem?
No matter how hopeless things may seem, it is never too late to start sorting this out. You may be having serious problems with excessive debt and it may seem like you are headed to financial ruin but a few hard decisions will set you on a course of recovery.
o Do not try to achieve total independence from debt overnight. Start small. Take the first few positive steps staying focused on the main goal all the time.
o Do not wait hoping the problem will somehow resolve itself. It will not. There will always be more expenses and more things to spend money on. Act now to solve your problem.
o Do not buy any more items using credit till your current debt is sorted out.
o Take help from friends and advisors to create a plan so that you can take concrete steps towards paying back your debt.
o Get in touch with your creditors and be frank with them. Explain your monetary situation to them so that they can work with you in resolving the crisis. All creditors are interested in getting their money back and do not want to indulge in any long-drawn legalese. They will be more than happy to work out a solution that suits you and that involves them getting all their money back, though maybe in smaller installments.
o Take some tough decisions and cut down on your expenses. There will definitely be a few things that you can do without for some time or maybe you can buy them less often. Use that money to start paying off the debt.
o Make a list of things that can be sold for a reasonable price and sell them yourself.
o You could try getting a second job or working overtime at the present one till you are reasonably on your way through paying the debt.
o Adjust your loans so that all your high-interest loans have been paid off. Else at least move them to one low-rate loan. Keep just one or two credit cards that also have lower interest rates. Cancel all other credit cards.
o If you feel you need more assistance, contact a nonprofit consumer credit counseling agency that can aid you in trying to restructure your loan arrangements so that it is easier for you to pay them.