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What to Know About Getting Debt Advice by Claire Jarrett
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What to Know About Getting Debt Advice |
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Finance & Investment
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If you're currently in debt it can feel overwhelming, scary and hopeless. It's not a pleasant situation to be in, but many other people have been in your exact situation and have found a way out. You can find your way out too. The first step when deciding to tackle your debt situation is to seek out some help. Talk to some experts or read some books so that you can start to understand your situation. There has most likely been some degree of avoidance or denial going on; otherwise your situation wouldn’t have gotten so out of control. But the good news is that now you’re ready to face the situation and this is where the improvements can happen. It may be hard to look at your current financial situation and it may even feel like an impossible situation to sort out. But regardless of where you are, you can be assured that there are solutions. Books can give you a good start, especially if your debt isn’t too large. Borrow some books from the library or look online for sites focused on debt management. But if you need more help than this, realize that there are counseling firms that can offer you advice with no-strings attached. Find a company that is not associated with a credit card company. Make a phone call to their office and ask how they are funded. You can also check the company’s name online to look for reviews from past customers. It’s important to avoid getting bad debt advice. Just because a company says it is not-for-profit doesn’t mean it’s the best choice for you. Your best bet may be to find a smaller agency that doesn’t charge a fee for advice. Realize that just as it took time to get into debt, it’ll take time to get out. Stay far away from anyone who offers you a “quick fix”. The reality is that it’ll take hard work, focus and commitment to pay off your debt. You need to take the basic steps of debt management: cut up all your credit cards, reduce your spending, increase your income and put as much money towards your debt as possible. If it still seems impossible based on this plan, you may have to consider declaring bankruptcy. You’ll need to speak with a bankruptcy lawyer who can counsel you on whether this is the right choice and what will be involved. Whether you choose to pay off your debts yourself or declare bankruptcy, know that there is a solution to debt. There is a lot of great advice available to you and it makes sense for you to seek it out. Money Matters offer Bristol debt advice and debt advice Monmouthshire
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