Are you struggling to make your minimum monthly payments? Do you feel like there is no way out?
It’s normal to feel this way. After all, debt can take a toll on your life, both financially and emotionally.
When you’re finally debt-free, you can begin to dream again. You can focus on building new goals that are more rewarding than repaying old debts.
Find a Debt Solution and Become Debt Free
If you’re struggling with debts, it is important to find a solution. There is a range of ways to help you get out of debt and become debt free, including credit counseling.
You can also try to negotiate with your creditors. This could help you pay back less than what you owe and reduce the interest rate you’re paying.
One way to do this is by consolidating all of your debt into one account with a lower interest rate and monthly payments. This will make it easier to manage your debts and pay them off quicker.
This can be done through a credit counselor at a nonprofit debt consolidation agency like In Charge Debt Solutions. They will review your income and expenses to create a budget that you can afford to follow.
It’s crucial to write your financial goals down and stick to them. This will give you 42% more chance of achieving them visit moneyadvicehelpline.org
Write Off Up To 81% of Your Debt
If your debt level is high and you cannot afford to pay it back in a timely manner, then writing off a part of your debt is a viable option. However, you will need to have an excellent credit score or a lot of disposable income in order to write off your debts completely.
Alternatively, you could try for a partial debt write-off using a debt management plan (DMP) which will reduce your payments over a set period of time. You will need to be patient and able to convince your creditors that your situation means a partial write-off is in their best interests as well as yours.
The most important thing to remember is that a debt write-off will have a significant impact on your credit rating and may mean it will be harder for you to get credit in the future, possibly for up to six years. The most important thing is to find a solution that is right for you and you can call our MoneyAdviceHelpline free of charge to discuss your options and make the best choice.
Find the Right Debt Solution for You
If you have a high amount of debt and are struggling to pay it, you may want to consider debt solutions such as a debt management program or debt settlement. These options may help you eliminate or reduce your debts in a reasonable amount of time while also keeping your payments affordable.
A debt management program is an effective solution that allows you to make affordable monthly payments based on a budget that is tailored to your income and spending habits. A certified credit counselor can review your financial situation and recommend a debt management plan that is right for you.
A home equity loan or line of credit is another debt solution that you can take advantage of to lower your interest rate. You can use this to pay off your other credit cards and loans. However, keep in mind that home equity loans are secured loans and you must ensure that you make timely payments to avoid foreclosure risk.
Get Support & Guidance
Whether you’re trying to navigate the maze that is the debt ladder or looking for the best credit cards for your budget, there is plenty of advice available to help. You can find free advice online or on the phone. The national MoneyAdviceHelpline is a great place to start. It has a number of helpful features like an interactive calculator, credit tips and tricks, personalised budgeting tools, and more. The best part is you can call it and get advice on the go.
You can also use it to search for your nearest support centre. The service is run by the Charity Finance Group, and provides a range of advice services from debt management to financial planning. It even has a nifty app that lets you take a photo of your bills to show them to your advisor. It’s a great way to make sure you receive the right help in the right order.
It’s a good idea to consult a professional, especially if you are struggling with your finances. A good financial adviser is a personable and unbiased source of information about your financial situation.