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Guide To Debt Help
Fill in a quick form with some details about your debts, and we'll match you with companies that best meet your needs.
Sometimes it's hard to know where to start, especially when your debt load already seems overwhelming. Here's some suggestions to get you started:
Start out by carefully listing all of your monthly income and all of your monthly expenses. Be as truthful as possible, listing even the smallest of daily expenses. Once you see the accumulated numbers in black and white, it's easier to spot waste and make adjustments accordingly.
Think carefully about your purchasing decisions before acting on them. Compare the expense of the purchase to the actual need you have for it.
Beware of financing offers - big ticket items are often trivialized by breaking down the expense into what seems like nothing. Less than a dollar a day does sound pretty affordable, but that's an extra $30 a month that could have been used elsewhere, and even the smallest of expenses add up when you take enough of them on.
Be mindful of convenience items like take-out coffees which, at well over a buck per cup these days, can end up being a costly habit to sustain. Eating out at lunch and all kinds of smaller daily purchases can total up to more than you might think, and there's usually affordable alternatives that you can live with.
When taking on new credit be sure to recognize all the costs involved. While credit cards are convenient, they're one of the most costly types of debt to carry, as interest rates will be about 28 per cent for department/retail store cards and 18 or 19 percent for others like Visa and Discover.
The majority of cards can be used for zero cost to the consumer if the charges are entirely paid back before the due date; so in the event that you are unable to pay your balance off, pay to the extent that you can afford to and never get caught in the trap of paying off the minimum amount and carrying high interest debt any longer than necessary.
Be careful about companies pushing easy credit. Back in the day, credit was difficult to acquire and customers had to make a case to a third party to receive a loan, but today this is not the case and people are bombarded with easy to get credit cards and further ways to borrow money. Though things like credit cards are always handy to have for emergencies, keep in mind that if you use them - you will incur additional costs if you're not careful.
Try to pay your bills in full and before their due date. Totally paying bills prior to the due date will save money in late fees, appears great on your credit record and assists you in keeping yourself out of debt.
If you get in trouble and are unable to pay all of your bills, take a proactive approach to damage control. Aim to pay back a few of the small bills in full and proceed to call the other creditors and notify them that because of your circumstances, you aren't able to pay them in full at this moment. Give those agencies what you can and tell them you'll pay in full ASAP. Remember, never ignore those bills that you can't afford at the moment because the debt will end up with a collection agency, who will do whatever it takes to get the money, including hurting your credit rating.
It's hard to do when you're in debt, but it's still a good idea to consistently set aside small amounts of money for the inevitable rainy day. In the worst case scenario a lack of savings can result in a financial disaster - but with no savings at all you'll be forced to take on new debt whenever surprise expenses come up, or if your income is temporarily compromised.