November 20, 2017
 
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3 Simple Steps to Avoid Filing Bankruptcy

Bankruptcy should always be a last resort.  Unfortunately, the pressure and the high stress from extreme debt drives many to pursue quick relief.  Before taking that drastic step, consider taking these three simple ones:

1. Prepare a basic budget to get an overview of your financial situation.

 

Budgeting is one of those love it or hate it tasks.  For some people, they wouldn’t dream of not keeping a budget because they like the sense of control and focus it gives them.  For others, it feels like a ball and chain.  

If you are already in financial trouble, putting it on paper can be scary and avoidance may already be your modus operandi. Penciling it out doesn’t worsen the situation just because you see it all at once, in fact, it helps you recognize how you can begin to bring resolution. Don’t run from the opportunity to take your life back.

2. Once you complete your initial assessment, begin to write out your financial plan.

Money is a tool. Take the money you possess and direct it with focus to achieve your financial goals.  No longer will you be a slave to debt and out of control spending habits. Your ability to make decisions and choose gives you power in the situation you’ve long felt had power over you.  


If you need help, feel overwhelmed or need some money management advice, contact a consumer credit counselor.


3. Seek counsel from a reputable source.


Getting advice from a good consumer credit counselor ensures that a qualified, trained individual will help you manage your funds and provide professional recommendations. Credit counselors have negotiated interest rates with most lenders and will aid you in constructing a repayment plan that really works!


Lowered interest rates and fee elimination is one way of increasing your monthly cash flow. The more you have to work with each month, the faster you can pay down your debt.  Credit counselors are like the light at the end of the tunnel.  They instill hope and offer real solutions and effective alternatives to bankruptcy.


These three simple steps lay a foundation from which you can begin to rebuild.  Don’t let debt continue to hold you captive.  Take back control today!

 

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