Buried In Debt: What’s The Best Way to Deal With It?
The holidays are here and more and more of us are getting more and more in debt trying to prepare. The unfortunate thing is many consumers were already in a bad situation with their debt, and now the holidays are going to add to the mess. There are various options out there to help consumers with their debt situation. Debt consolidation, debt settlement and credit repair are a few services that help consumers with resolving their debt situation.
Debt Consolidation: Working with a company that helps you consolidate all your credit cards into one payment. A lot of companies can even work with the creditors to pause any future late charges or excess fees from being added to the current balance.
Debt Settlement: Working with a company that works with the creditors to get balance settlements. A certain percentage of the total debt amount is paid, versus the whole amount and the balances continuing to get larger.
Credit Repair: Working with a company to help educate and direct you in the right direction regarding your credit. There is a lot of information to know about your credit report and how to really optimize getting the most of your credit report.
According to Consumers Affairs, here are some things that determine if you need help with your debt:
| • | Your credit card balances are rising while your income is decreasing. |
| • | You are only paying the minimum amounts required on your accounts, or maybe less than the minimums. |
| • | You’re juggling bills. For example, you apply for another credit card and use cash advances from it to pay an existing card. |
| • | You have more credit cards than a smart gambler has poker chips. |
| • | You are at or perilously near the limit on each of your credit cards. |
| • | You consistently charge more each month than you make in payments. |
| • | You are working overtime to keep up with your credit card payments. |
| • | You don’t know how much you owe and really don’t want to find out. |
| • | You have received calls or letters about delinquent bill payments. |
| • | You are using your credit card to buy necessities like food or gasoline. |
| • | Your credit cards are no longer used for the sake of convenience, but because you don’t have money. |
| • | You are dipping into savings or your IRA to pay your monthly bills. |
| • | You are hiding the true cost of your purchases from your spouse. |
| • | You’re playing the card game by signing up for every credit card that sends you an unsolicited offer. |
| • | You have just lost your job or are fearful that you are about to and are concerned about how you will pay all your bills.
Leadpile Lead Exchange deals with all these lead types and knows there are a lot of people struggling with trying to get some sort of help. Getting more knowledge regarding your “credit” is key to any of these services. Come out with something learned if you seek out any of these services, so this sort of thing does not happen again (if avoidable of course).
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