WARNING SIGNS OF DEBT PROBLEMS
From auto loans, student loans, credit cards, housing needs and much more, the burden of debt can be overwhelming. The question is, do you have an exit strategy?
Ask yourself, “Is debt impacting every day of my life?” If the answer is yes, reach out for professional guidance immediately. Do not let your world continue to sink into the quicksand of anxiety and financial hardship.
Why? Because debt does not have to be your permanent way of life, help is available.
REVIEW SIGNS of DEBT ISSUES
- Fear of going to the mailbox
- Allowing bills to pile up un-opened
- Creditors are calling, sending emails, texting and/or corresponding in writing
- Denied credit due to your “credit utilization” rate/ratio which is generally expressed as a percent; it is how much revolving credit you are using divided by your credit limit.
- Lying about the purpose of money spent to people you care about
- Using a cash advance for emergency funds
- Unable to pay more than minimum payments because of lack of funds
- Transferring debt from one credit card to another because your charges have used up the entire credit card limit
- Emotional spending on things you cannot afford and do not need
- Losing sleep due to financial concerns
- Feeling hopeless
SOLUTIONS TO FINANCIAL DEBT
Solutions to financial debt begins with the realization that no one is going to fix your problem. But, understanding that there is help is motivating. Also, knowing your current financial situation will not last forever is empowering.
DO IT YOURSELF
- Cut debt from your life
- Pay more than minimum payment
- Use “found money” for debt reduction only, such as, tax refunds + bonus + birthday money
- Sell possessions that are not necessities
- Study how the pros and cons of negotiating directly with creditor/s
DEBT CONSOLIDATION
- Try your Credit Union; goal is lower rate
- Compare online lenders promoting debt consolidation; goal is lower rate
- Goal is to not incur more debt while paying off debt
NON-PROFIT CREDIT COUNSELING POSSIBILITIES
- Create budget guidance
- Eliminate late fees guidance
- Lower interest rates guidance
- Stop Collection calls guidance
- Understand impact on credit score
FINANCIAL COUNSELING CENTER (323) 954-4330
- Over 3 consecutive decades of experience
- FREE in-depth face to face counseling appointment; ask about all your debt concerns such as a creditor lawsuit, wage garnishment, etcetera
- Debt negotiation assistance
- Filing Bankruptcy chapter 7 and 13 assistance
- Loan Modification assistance
- IRS debt assistance
- Student loan debt assistance
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