Living with excessive credit card debt or unsecured debt that is becoming difficult to service is not easy, and if this is you then arranging for the best debt relief possible is a must do.
You need to do it now before the situation becomes too drastic and harder to cope with, because often little or no progress is made in reducing the debt as the card merchants keep on adding their high compounding interest and other costs each month onto what you owe.
My research has shown that If you are paying the minimum amount each month it is going to take around 25 years to settle the debt, providing you don’t charge any further items on the card.
This is scary and all the more reason for you to arrange the best debt relief possible to reduce this debt burden.
Do your homework first and follow the simple rules below and you could expect to be debt free in 1 to 3 years, 5 at the very most.
To Get The Best Debt Relief Where Do I Start?
There are several ways of reducing debt, but as credit card and unsecured debt is what affects people the most I will talk about this, and what you need to do to ensure you get the best results possible in reducing your debt to a manageable level.
Arranging For The Best Debt Relief Is The Solution.
This is the best solution, get the best debt relief help available.
Spending some time now preparing for this will certainly pay dividends in the savings you can make on your debts, and shouldn’t take any more than 4 or 5 days part time.
Also you do need to be very careful when choosing the debt relief company to act for you, is essential you choose one who consistently acts in your best interests.
To Get Best Debt Relief Results Here Are 9 Tips To Guide You.
[1] If your creditors are pressuring you by telephone instruct them to communicate by letter only. Right now it is best to eliminate as many hassles as possible.
[2] Do not tell creditors you are considering debt relief, or any other form of debt reduction.
[3] Spend some time to accurately list all your credit card debts, and include any unsecured loans you may have. To get the best debt relief possible it is essential you do this accurately.
[4] Prepare a list of all your monthly living costs. Occasional expenses are estimated over a year and divided by 12 to give you a monthly amount. Include a realistic monthly amount for unforeseen expenses.
[5] Now edit this cost list, which items aren’t necessary? As an example the savings by cutting back on buying daily coffees, lunches and eating out regularly can be quite substantial.
Is that expensive holiday you are planning essential? Put it back for two or three years and budget on much cheaper ones meantime.
[6] Note your monthly net income. Is it possible to increase on this?
If you have a tax refund, bonus or dividend due could you put this towards the debt payment?
Include part of some savings you may have.
When negotiating debt relief for you an upfront or delayed extra cash payment certainly helps the debt relief company get you a better debt reduction result. Cash is king.
[7] Now note how much you can afford to pay each month to your creditors. Just the total as the best debt relief company will have you pay this to them, and they will distribute it onto your creditors for you.
So each month you make just the one payment to cover all.
[8] Make a list of items you don’t need and could sell on say eBay. Things like sports goods, household items, interesting books or manuals, tools and garden equipment, unwanted presents, toys, anything and everything related to music or entertainment. Items like this can and do fetch good prices and is an excellent way of getting extra cash to offset your debt.
I’ll sidetrack here briefly. Lately I have been doing the same to clear my workshop and some prices I got were quite astounding.
A tractor I considered $900 be top price sold for $2650, an old scissor lift I expected $150 went for $1004, a small box of specialty tools I bought earlier for $300 and no longer need I sold each individually and totaled almost $1900.
Not all items do this and generally most sell for about what I expect, but this shows the power of auction when you have 2 or more keen bidders, or list items individually rather than as a box lot.
[9] You now need to contact a company who specializes in negotiating for their clients the best debt relief possible.
Do your homework on finding the best debt relief company, and make your choice wisely.
My next article will have more advise on obtaining debt relief.
Bruce has a wealth of experience in successful business management, development and marketing, including credit and debt administration and control. He has been self employed for around 40 years and has always made his own way in the world.