subject: Seek Professional Financial Help in Reducing Debt Fast [print this page] Seek Professional Financial Help in Reducing Debt Fast
The stress of dealing with multiple creditors can be daunting so wouldn't you like a way of reducing debt fast? You can gain financial freedom by seeking professional help with a debt counsellor. They have the experience and confidentiality you need to examine your current financial picture and set you onto the right path.
Avoid Bankruptcy
If you are in so deep that you cannot contemplate anything but bankruptcy to alleviate your financial fears, it is worth it to talk with a professional counsellor about your budget, bills, creditors and other money matters. If at all possible you do not want to declare bankruptcy because it will follow you for years in ways you may not imagine.
Losing your home is a possibility when declaring bankruptcy. In addition, your credit report will list the bankruptcy for at least six years or more. This black mark on your credit rating will prevent you from obtaining loans for another home, a vehicle, schooling and more. Or, you will be excluded from all but the highest interest rate loans. In addition, when applying for a new job, you will have to admit to bankruptcy as your credit report will likely be pulled anyway during the hiring due diligence period. The basic attitude of employers is if you declare bankruptcy, you will not be as responsible in performing the job they are hiring for.
Other Options
There are other options in reducing debt fast other than bankruptcy. For instance, a debt counsellor can help you create a debt management plan and contact creditors on your behalf to try and set up a payment arrangement. These agreements may be informal or a legal one such as an IVA or individual voluntary arrangement. Debt consolidation may also be an option, depending on your circumstances.
Seeking the advice of a professional counsellor well-versed in money matters can help you avoid bankruptcy if at all possible. They will examine your income sources as well as all your cost of living bills in addition to all the "extras" such as credit cards, dining out, cable or satellite television and more. The counsellor can help you come up with a workable budget and a debt management plan to quiet those calls from your creditors.
Trying to leave your financial obligations behind through bankruptcy is not always the answer. Besides, it will follow you for years, preventing you from truly living until the statute of limitations runs out on its reporting. For reducing debt fast while salvaging your credit history requires the professional help of a counsellor.
