November 21, 2017
 
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Back to the Basics...

Do you need financial help but fear adding more debt?  Getting financial assistance does not always mean another loan. Rather than turning to one more payday loan or credit card, why not see what consumer credit counseling services have to offer instead?

 

Consumer credit counseling is not to be confused with consumer debt settlement.  Debt settlement offers are slippery slopes!  While digging out of debt is a process, the right credit counseling professionals can help you achieve your financial goal of becoming debt-free!  Credit counseling services help you plan, save, eliminate debt and achieve financial freedom!  


Take the first step: locate a reputable consumer credit counselor, and…


Get Back to the Basics...


1. Stop the Stockpile


It may sound obvious, but simple mathematics don’t change.  Spending more than you make and borrowing to make up the difference will result in devastating debt stockpiles.  While living within your means seems to go against the pressure to have it all: the huge house, new cars, designer jeans and every new gadget, it doesn’t have to be a downer!  


Be creative with your budget while you seek out opportunities to increase your income.  Cook more meals at home, brew your own morning coffee, rent movies instead of going to the theater and put off big purchases until you can afford to pay for them in cash.


Cancel credit cards.  If you don't, it will be too easy to use them just one more time...


2. Shed Money Owed


Pay off your small debts first.  Some credit counseling experts suggest paying off the highest interest rate debts first.  On the other hand, it's more psychologically satisfying to see the faster result of paying off your smaller debts. This keeps you encouraged and motivates you to continue until all your debts are paid.


If you are a homeowner, consider refinancing to take advantage of lower interest rates. Switching from an adjustable interest rate to a fixed rate could also bring in significant long-term savings.


3. Stash the Cash


Establish an emergency fund.  It may take some time, but it is a crucial step to avoiding credit card use for the unexpected expense.  A good emergency fund is equal to 2-3 months of living expenses.  Don’t let that overwhelm you if your budget is small...just start saving and watch it grow.


Eliminating debt is a process that takes time and effort, but you can do it...just take the first step!

 

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