Finding a way to ease your financial burden is a tough order. But once you take the time to explore your options and put a plan in place, you will begin to feel better about your financial future immediately. There is no better feeling than knowing you are able to pay all of your bills, and that the collection calls and letters have finally stopped. As with most things in life, there is more than one way to get to this point, and we are here to help you figure out which one works best for your circumstances.
Three ways to get out of debt, for good, include the following:
• Refinancing your house (or modifying the mortgage) and using the extra money each month to pay off other debt such as credit cards and car loans. When your house payment is lower, you have more money on hand each month and can put it towards other debts that are weighing you down. The key is to pay off these other debts, and not allow them to be charged up again. Once you pay off one debt, add that extra money to what you are paying towards something else, and pretty soon you will see a snowball effect as your balances decrease.
• Consolidate your debt into one loan, so you only have to make one payment each month. Many consolidation loans have a lower interest rate than what you are paying, if you average all of the rates on all of your loans. This saves you interest and lets you pay things off faster. Again, the key here is to pay off the debt and then establish a savings account so you don’t have to rely on credit when a need arises.
• File for bankruptcy, which will eliminate most if not all of your unsecured debt and leave you with only secured obligations to pay.
For most of us, the majority of the debt load we carry is credit card debt. Filing for bankruptcy is a good way to reduce or wipe out this type of debt. If you are not able to pay all of your bills, or are barely getting by, let us help you find a solution.
For help with your questions about finances and how to get out of debt, contact us at www.DsouzaLegalGroup.com. We will help by coming up with solutions that help get you back on your feet.