Facing Your Debt: It's Not as Impossible as it May Seem
My Debt is Impossible!
Sometimes, your financial situation can seem impossible to fix. Money and finance is one of the biggest motivators in divorce and can be a stressful topic in any situation. Luckily, there is a way out if you're facing overwhelming debt. Don’t give up! Here are five tips that can help you face debt head-on and improve your situation.
Pledge to Get Better
Part of improving a bad situation is having faith that you can recover. If you believe you can recover, your situation will get better.
You have to make the commitment to yourself and then set realistic goals for improvement. Tackle one problem at a time so your financial situation does not overwhelm you.
Keep a positive attitude and you’ll be surprised how much better you feel.
Speak to a Financial Counselor
Credit counselors can help you to get a hold on your spending and help you understand how debt works. You could also sign up for a debt management plan that can help you to merge your debts without borrowing money from another provider. But - be careful. DO NOT hire a "debt consolidation" company. In my opinion, most are thieves.
Pick up Extra Work
Picking up extra work on your job or doing odd jobs can help you to pay off your debt faster, which can help you bounce back from financial problems. You can use all the money from your second job and send it to a separate bank account that's just for your debt repayments if you like.
Refinance Your Home or Car
Refinancing your home or your car can help you immensely, especially if you're a veteran. The VA refinance rates for homes are especially low. You can pay off your debt more quickly when you have less bills to worry about. See if other utility providers might be willing to work with you to bundle or lower prices on things you use a lot.
Get Help from Legal Professionals
If all else fails, you can always take your case to legal professionals. They can take an unbiased look at your financial situation and give you advice on the best way to handle it. For example, it may be in your best interest to file for bankruptcy. You may be eligible for Chapter 7, which will give you a break on a lot of your debt. There may be some other non-bankruptcy solutions that a legal expert can suggest to you, as well. You can help yourself by making a consultative appointment with a debt attorney today.
There is a way to bounce back from financial ruin. These suggestions should make your situation better, and things should turn around for you quickly once you implement them. Start your process of recovery today and see what happens for you.