If you are struggling with debt- you have plenty of options to select from. If your debt is small and you can manage to pay it off- then rearrange your finances and spending habits and pay off the debt. However, most individuals cannot afford to pay off debt due to personal hardships. In this case- here are your available options:
1. Meet with an experienced bankruptcy attorney and discuss debt consolidation, debt settlement, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Credit management, loan modification, etc…
2. Understand all the pros and cons associated with every possible option BEFORE deciding which route to go.
3. Do not give up hope- debt management and credit reconciliation is a lengthy ( and sometimes expensive) process. But- you will end up paying less and not have to worry constantly if you follow these steps.
4. Lastly- when you finally pay your debts or get the debts discharged- it is time to let go of everything you knew about money before. Redefine your values and priorities. Create a spending plan and STICK to it! Only spend what you have until your credit is on par. Always pay bills on time. Learn of other ways you can make money besides a 9-5 traditional job. Learn about investing in the market, start saving for your retirement (401K or similar), have an emergency fund in case you lose your job, consider bonds, etc.
No matter what you decide- the most important fact to remember is that money does not define you. Having less money does not mean you are worthless or stupid. Money is just a business transaction and some people are not as good at it as others. Remain a responsible adult and continue to make good financial choices (based on needs instead of wants) and soon you won’t have any debt related worries.
Fridlin & Associates, P.C.
1517 Voorhies Ave, Suite 4
Brooklyn, NY 11235