subject: How To Get Debt Relief [print this page] How To Get Debt Relief How To Get Debt Relief
Everyone is experiencing some financial pressure right now. Whether you have some debt on a credit card or so many loans you don't know where to begin there is debt relief available. No matter how big or small your total debt is you can take control of the situation and make things better. Don't become overwhelmed or afraid; you can do this!
Divide and Conquer
The best thing you can do for yourself is to get yourself organized. Collect all of your bills and lay them out; include personal loans, credit loans, lines of credit, mortgages and anything else upon which you owe money. Organize them in such a way that will simplify the process of prioritizing the bills. Consider using a spreadsheet to track everything
Document who you owe, how much you owe, due dates, contact information, and what you are paying monthly in interest and fees. Once you have this laid out visually it will be easier to determine who needs to be paid first. Start with the debt that charges the most interest; apply yourself to paying off that debt first and make the minimum payments on everything else. Once you have paid off the first bill you can cross it off and move on to the next. This approach will allow you to pay more towards principal instead of putting you in the position of just keeping up with the interest.
Make a Few Phone Calls
Your creditors call you if you fall behind so now it is time to return the favor. Call your creditors and ask if you can come to some sort of arrangement. You want to avoid bankruptcy and they want to get their money which means that some companies are willing to lower your current interest rate or even eliminate a portion of your balance. If you succeed in lowering your interest rate each payment you make will be paying off more of your principal each time. That means your debt will be paid off sooner and you will start experiencing some financial relief.
Don't be afraid to ask about some of those fees you've started to notice. Late fees, annual fees or over limit fees may get refunded if you ask. Some annual fees may also be waived if the creditor knows you are trying to get your loan paid off. Don't be afraid to ask the worst thing they can say is "no."
Pretty soon you will have a few of these loans marked off your sheet
Need More Help
If your debt has gotten beyond the point where organization and a few phone calls will help, it may be more challenging, but you can still find ways to alleviate your situation.h. There are companies that specialize in providing debt relief; potentially eliminating the need to file for bankruptcy. Debt consolidation companies can help you rearrange your debt into one loan with the logic that one larger payment will be less than all the smaller payments you currently manage. One loan means one payment, a situation you might find more manageable.
In addition to organizing for you to pay only one convenient loan, debt consolidation firms have an established relationship with your creditors. What does that mean for you? It means they can negotiate better than you can. Perhaps they can get you zero percent interest on one loan and reduce another loan's principal by fifty percent.
These simple steps can give you the debt relief you need. Remember, be organized, get on the phone, and seek the help you need. If you feel that you require more help you can also consider a credit counselor, an individual who can help you get out from under your debt monster and avoid bankruptcy, saving your credit score and your sanity.
