Financial expert Jean Chatzky notes that struggling with debt robs you of more than your paycheck. Physical and emotional health problems related to stress can contribute to strained relationships and other problems at home and work. Doing nothing is the worst course you can take, as stress will mount as creditors become more insistent in their efforts to collect what they’re owed.
Credit Card Debt: Getting Debt Help
Chatzky recommends compiling a list of your bills including how much you owe, minimum monthly payments and each creditor’s contact infomation. Next, you’ll need to determine monthly income from all sources, and deduct all monthly expenses from this amount. What’s left is what you can pay your creditors. If you find you don’t have enough to pay creditors, it’s time to trim your expenditures by reviewing your budget and determining where you can cut back.
Credit Counseling Services Provide Assistance
Credit counseling services can typically assist customers with reducing interest rates and fees, and can establish a repayment agreement with all of your creditors provied your debt can be repaid in five years or less.
Don’t want to see your kids end up deep in credit card debt like you? Maybe it’s time to discuss your debt reduction strategy with your kids to teach them some valuable lessons about credit and debt. Here are some tips to guide you when tackling this topic, no matter how uncomfortable it may be.
Kids are like sponges. They soak up the best and worst habits of their parents. That’s why even if you’ve made mistakes with money in the past, it can be a good learning experience for junior to discuss how you’ve changed your tune and put together a debt reduction plan. Read the rest of this entry »
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Chris Rocks is the Regional Director of the National Credit Federation (NCF). NCF is a nationwide membership-based organization that assists consumers recovering from a financial difficulty and those who need a significant increase in their credit score.
Chris began his financial services career as a Financial Advisor helping young families with risk management and asset accumulation strategies. It was during that time that Chris realized that many of these young families also needed someone to guide their choices with regards to debt management.
He made the transition into the mortgage industry where he first worked as a loan originator and later the Vice President of a small mortgage company. As Chris came across clients who had suffered through financial challenges and saw the difficulty they had in re-entering our credit driven economy, he discovered there was a real opportunity to leverage his unique background and help others.
He can be contacted by visiting his personal site, GoodCreditLiving.com.
Francine L. Huff is the Publisher and Editorial Director of Super Savvy Publishing, LLC, which provides editorial and publishing services. She is a gifted author, freelance journalist, and motivational speaker who has entertained and motivated a variety of audiences through workshops, panels and keynote addresses. Francine is the author of The 25-Day Money Makeover for Women, which has inspired and motivated many readers to rein in poor financial habits, become good stewards over their money and work toward a debt-free life. She has appeared on a variety of TV and radio shows. Francine previously worked for the Wall Street Journal, where she was the spot news bureau chief, a news editor and a copy editor. She has interviewed a variety of financial professionals about financial issues and strives to present information about managing money in an easy-to-understand format that is accessible to people of all backgrounds and income levels.
Karen Lawson is a freelance writer with more than 15 years of experience working in mortgage banking and loan servicing. She holds BA and MA degrees in English from the University of Nevada, Reno. She enjoys writing informative articles about debt management and personal finance.