subject: Is Debt Stressing You Out And Ruining Your Peace Of Mind? [print this page] It is no secret that money is the biggest reason for relationship problems and can also be the cause of many sleepless nights. There are lots of reasons we have debt and at the end of the day it really doesn't matter how you got there. What is important is what you are going to do about your debt and how you are going to remain debt free.
It is important to develop a plan. Debt tends to sneak up on most people. They will charge a few things and it is not a big deal. And a month of two later, they will charge a few more things and this pattern continues. Without even realizing it you can easily accumulate $10,000 in credit card debt with mindless spending. Anytime you are able to make only minimum payments, you are headed for trouble.
You should be looking for a way out before you get to this point, but many people do not. You will eventually get the point where you will feel the pinch if you do not do something. This is where a credit counseling company can help. They are nonprofit and are in the business of helping people get their lives back on track financially.
Since debt management companies usually work with several types of debt experts they should be able to point you in the right direction, no matter what your debt scenario is. The standard program that they normally use is a debt management program that consolidates your unsecured debts without a loan. At this point, the last thing you need is to borrow more money.
With this plan you will only have to make one payment each month and it will be setup as an electronic funds withdrawal. All you have to do is remember the date and have the money available each month. The credit counseling company will take care of paying your lenders. If you have been getting collection calls, they will stop.
This program will allow you to be out of debt in 3 to 5 years, because your interest rates are reduced to about 10% or lower and the fees on your accounts will be eliminated. These two things will cut your repayment time significantly. If you are looking for an answer to debt that is overwhelming, contact a debt management company. It costs nothing to talk to them even if you decide to go with another debt relief option. They can give you a quote for debt elimination in a matter of minutes!
by: Marjorie Salada
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