Day 10
Subject: Where to get professional help with your debt problems
Regardless of how bad things look to you right now, don’t skip the steps regarding adding up your debt, your income, and figuring out how much disposable income, if any, you have available to put toward your consumer debt. Even if you find out you have a serious shortfall, you at least know the truth, and you can now do something about it.
Go to Credit Counseling - Check in your area
Only work with a credit counselor who is certified by the non-profit National Foundation for Credit Counseling. The NFCC is a legitimate operation that will help you get your credit cards paid down and under control. You can find out more information by calling 1-800-388-2227.
Consider Debt Consolidation Options
There are debt consolidation programs that credit counselors often want to enroll you in. These are an option but can be risky because sometimes creditors turn down the plan. Your credit will take a hit. But talking to them about the options will help you.
Talk to a Bankruptcy Lawyer
If you have more than 20 thousand dollars of unsecured debt along with a regular income, you may be able to file for a chapter 13/100 plan, which helps you set up a payment plan to pay off 100 percent of your debt under the program. If you don’t have regular income, you may be interested in a chapter 7 if you qualify. The bankruptcy lawyer will help you. Take with you the financial information that you’ve prepared, to get help and advice.
Certified Financial Planner or Advisor
This option is not for the person who isn’t actually making enough to use the advice, but you can often find someone at your bank or credit union who is trained to help you set up and stick to a budget. Ensure that the planner or advisor you work with is licensed and legit. They should not be committed to only offering specific plans that they make money from. Your bank or credit union may be able to advise you here.
Find a Financial or Budget Coach
Dave Ramsey is one of the most well-known financial coaches. They will help you set up your budget, create a plan, and identify any roadblocks (especially with your mindset) that holds you back.
The main thing to be concerned with when you seek outside help to assist you in managing your money is to do your due diligence to ensure that the person you work with is legitimate and has your best interest at heart. If something sounds too good to be true, it probably is.
The primary way to pay off debt is to work hard and use all your disposable income to get it done as soon as you can, so you can start living your new debt-free life of freedom.