What are your strategies in dealing with debt?
I'm having a problem coping with the debt I had when my dad was seriously ill. There was even a point where I was too broke to buy a decent meal for myself just to pay for my dad's hospital bills. Though those days are over and I am not regretful about it, I'm still haunted by the financial obligations the incident left me. I managed to slice it to almost half after two years and now I'm eager to get rid of it once and for all this year. Any tips that can help me achieve my goal? Thanks!
First -a plan is essential. Create a plan and stick to it.
Secondly if you approach some companies, doctors, hospitals, and so on, they will work with you and may even be willing to reduce the amounts you owe. many hospitals have programs that are on a sliding fee scale.. Check into and see if they can help.
Some companies would rather that you owed them something rather than owing a lot and paying nothing. They will work with you if you ask.
I have found that keeping track of every single purchase I make and writing out a monthly budget helps. I have been trying to utilize the debt snowball tool that Dave Ramsey introduced. I recommend checking that out! If you have credit card debt, go after that first. I hope that you're able to get your debt paid off soon!
It helps to pay off your smallest debts first. That way it helps psychologically, as the number of creditors shrinks over time.
Rule #1 Never ignore a creditor, some will work with you.
Rule #2 Establish a budget and stick to it.
Rule #3 Make a listing of your assets available.
Rule #4 If your assets and budget can't make ends meet, see if consolidating the debt to as low an interest as possible gives relief.
Rule #5 Examine possibilities for additional or improved income.
Rule #6 If necessary, seek free help from a public debt counselor.
Rule #7 Seek family help for short or long term assistance.
Rule #8 If the debt cannot be resolved, only as a last resort consider bankruptcy.
save your money, try and consolidate credit cards, speak to a financial analyst, and do your best to try and work something out with the credit companies
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