You are living paycheck to paycheck and you are barely doing that. You are scared that if you miss even one week of work that you will never recover. If this sounds like you, it is time to do something about your debt so that you can begin thinking about your future and leave the stress of debt behind you. So, where should you begin? What is the first step?
A nonprofit debt management company is a great place to start. These are often referred to as credit counseling companies and they are in the business of helping people get out of debt. They will consolidate your unsecured debts and you will not need a loan, good credit or home ownership. This should be somewhat of a relief. All you have to do is complete an online form and they will contact you within a few days. They will give you a quote on a monthly payment for the consolidation of all your unsecured debts.
You can be out of debt with credit counseling in five years or less. Your interest rates are reduced and as each account is paid off, the payment amount is used to pay off the other accounts that are still open. It is the interest rate reduction and this snowballing that allows your accounts to be paid off in much less time than they would be if you were making only minimum payments.
Through credit counseling you also have the option to use budgeting tools and to get other types of financial education, such as; how to begin preparing for retirement and how to remain debt free. If a debt counseling organization cannot help you, they are generally equipped to make referrals so that you can get the help you need. It is this that makes them a great option. You will not have to walk away not knowing where to turn next.
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