If your bills
give you anxiety and your debts are getting in the way of other dreams, it’s
high time you sort out your debt and get it fixed. Laying out a strategy and
committing to it, will definitely get you out of debt, as soon as possible.
It is as easy
and as difficult as it sounds. Knowing exactly what you owe comes from strong
budgeting habits. The more you procrastinate this, the more trouble you will be
caught up in. Financial experts even discovered that some people resist doing
this, because they’re afraid of what they’ll find. There’s nothing like seeing you’re
spending staring back at you, that forces a behavioural change.
One of the
smartest way to sort your papers out is to consolidate multiple credit-card and
loan bills into one loan with one monthly payment can help you manage what you
owe. This will not only make managing the debt easier, but will also make
paying it a lot less stressful.
If you can't pay
all your debts each month, financial experts recommend focusing on keeping
current on secured debt--obligations like auto loans and mortgages that are
backed by property. Set aside an amount each month in your budget just to
pay off your credit. You'll get a psychological lift from erasing each card's
We agree that
sometimes, doing it all by yourself can be tough. It might be very easy to get
all stressed, depressed and anxious as you see those big numbers. These
emotions can be blinding as well. Which is why, we recommend approaching an agency
that will act as a consolidator, collecting one monthly payment from the debtor
and disbursing funds to creditors and make it much less hard on you.
Once you’ve made
all the consultations and prioritizations, you need to consider what your
options are and choose the best one out of them. This choice has to be made
consciously after deep thought, because it can make or break your debt plan!
Yes, getting out
of debts isn’t easy. But it’s also not impossible. If you are able to cast
aside your emotions, and think logically with a committed strategy, you can win
the battle against debt.
WRITTEN BY: BALAKARTHIGA.M