If you've been screening your calls to avoid talking with an irate creditor, it may be time to take control of your finances. Getting into Debt Problems is not unusual--it happens to many folks. Fortunately, there are some ways you can solve your debt problems and end those creditor phone calls. Organize your paperwork Many of us get into financial trouble because we lack the skills necessary to keep track of our money. Bills get lost or misplaced, account numbers are forgotten, and our checkbooks are never balanced. The first step to solving your debt problem is to get organized! Gather up all your paperwork and create a master list of all the creditors you owe. The list should include the name of the creditor, the balance due, the interest rate and the minimum monthly payment amount. Tackle it yourself Arrange the creditors on your list in the order you want to pay off the balances. Some folks prefer to pay off the smallest balance first, others like to pay off the creditor with the highest interest rate. Once you decide which one to start with, send in a little extra each month with that creditor's payment. So if your minimum is normally $50, send in $75, $100 or more--whatever you can afford. Once that creditor is paid off, move on to the next one on your list. Get professional help Does tackling your bills yourself seem like too daunting of a task? Consider getting professional help in the form of a credit management or debt consolidation service. These pros help you consolidate your bills into one monthly payment. They may even negotiate on your behalf for a lower interest rate, lower minimum payment or even a smaller total balance. If you feel you need help getting back on your feet, a professional debt service may be the solution. You may feel buried beneath the burden of your debt, but it is possible to get control of your financial life. Whether it's simply a matter of organizing your paperwork and tackling each creditor one-by-one, or if you need to hire someone to assist you, you have numerous options that can help you solve your debt problems. |
