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By: Sean A.
Many people are in debt. Some have their debts under control while others may not have. Those who don?t may probably find themselves at a crossroads when their debts get out of hand that they no longer can afford to pay them. When this happens you may be in need of some sort of credit counseling from professionals who would help you plan a way to pay off your debts and stay debt free at the same time. Nowadays, there are many debt relief options for you to choose from. Many would provide counseling as well as negotiation services so that they may represent you to work with your creditors to set up a repayment plan at a reduced amount. Of course, you may need to know where to find the right type of help and at the same time you may have to play an active role to ensure that you get rid of your debts permanently.
If your financial situation is rather dire, your debt relief options may include debt consolidation, settlement or reduction. In any case, your appointed debt management company may evaluate your debt situation and financial capabilities to determine the best strategy to enable you to repay your debts. If you prefer, they may act as your representative when liaising with your creditors. They may help you negotiate your way to a debt reduction or settlement. That way you may get your amount of debt reduced significantly and you may get a monthly repayment amount that you can actually afford. If you choose debt consolidation, they may help you combine all your debts into one single payment and suggest the best consolidation option for you. You may want to bear in mind that your appointed debt management company may give you advice but the choice of the solution that you opt for is ultimately yours.
On top of these short term solutions, they may also provide financial counseling for you to better manage your finances. This is so that you do not only get to choose the best way to get out of debt but also follow a regimented strategy so that you may stay free of debts. One example that you may want to try is to have an emergency fund. Generally the idea is to set aside a certain amount of cash every month for a time when you might need quick access to some money for a car repair or air fare to visit an ailing relative. By doing so you may avoid the need to swipe your credit card every time an emergency situation arises. You may put your emergency savings into an account where you may earn high interest and that is easily accessible. Other than that, your counselor might also suggest that you start living on cash while you are paying off your existing debts. This is to avoid accumulating more debts when you are following the debt management plan that your counselor has provided for you.
Once you have completed the debt repayment schedule that was worked out between your counselor and your creditors, you may need to change your financial habits in order to obtain debt free relief. After all, you would not want to land into the same situation where you may have to hire an agency to help you with your debts again, would you? Basically your counselor may advice you to develop a healthier financial habit such as savvy shopping and also sticking to a monthly budget. For example, you may want to start looking for bargains, deals and discounts before you go shopping. If you feel the need to buy something expensive you may want to consider earning extra money by getting a second job or having a yard sale. Of course, the main objective is to keep you out of debts so if you wish to borrow money from your friends or relatives so that you could make that extravagant purchase you may need to rethink and reprioritize your purchases to things that you actually need rather than want.
Basically, getting help from professionals may not be enough if you are not willing to make the necessary changes and sacrifices. Professional advisors, debt management plans and counseling may only help you to get rid of your existing debt but if you are serious about living your life debt free you may need to be more assertive and proactive. After all, no one can change your life but you.
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