March 18, 2018
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Losing Sleep over Debt

Many Americans are facing tough financial challenges for a variety of reasons, ranging from the obvious—over spending—to serious, unforeseen circumstances like loss of employment, medical emergencies, natural disasters, lawsuits, divorce, and death. If you’re battling with credit card debt or have difficulty paying your bills, there is a way to become debt free. Losing sleep over your debt won’t solve anything—it will just compound the problem. There are steps you can take to save yourself from further anguish and take control of your financial future. 


First and foremost, making a commitment to become debt free is a step in the right direction. Stopping all credit card activity, including new charges, transferring balances, cash advances, etc… will take a huge burden off your shoulders. Next, go over your budget in a very detailed way. Figure out what your fixed expenses are such as mortgage, auto, and utilities. Don’t forget to include things like gifts, clothing, and entertainment. With a realistic budget you can determine if you make enough money to pay your monthly bills and if there is any money left over.


Many people simply don’t like budgeting and have trouble managing money on their own. It would be helpful to seek some guidance through a debt management program. A credit counseling organization can provide the services, resources and education to be completely debt free. They can offer a plan tailored to meet your individual needs. By reducing your interest rates, lowering your monthly payment, waiving late and over the limit fees, and consolidating your payments, you can get through your financial hardship.


Maintaining a budget will enable you to make the best decisions for your situation and set some concrete goals. Here are some tips you may need to consider:


·      Cut your budget by changing your lifestyle--eliminate luxury items such as cable television, cell phones, eating out,   and your daily coffee at the local coffee house.

·      Cut up your credit cards immediately.

·      Don’t wait for your lenders to turn your accounts over to debt collectors—take action before it happens.

·      Seek professional credit counseling help or enroll in a debt management plan with a reputable agency, such as Christian Credit Counselors where certified counselors can assist you in customizing a plan of action based on your specific situation.

·      Obtain a second job if necessary.

Whatever the reasons for your debt, it can be overcome if you put a realistic plan into action and stick to it. You don’t have to continue to live with the persistent collection calls or the unending monthly payments that don’t seem to make a dent in your credit card balances. A debt management plan will not only help you in becoming debt free, it can give you the tools to stay debt free.



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