- Start by listing all your debt with their corresponding interest rate.
- Debt with the highest interest rate should be paid off first.
- Take advantage of auto pay to make sure that the minimums are paid when due.
- Review offers received from banks for balance transfers offering 0% interest. Beware of fees for balance transfers as you could end up paying big money to the bank.
- What are my options in dealing with debt?
- Review your income.
- Redesign your budget. Decide on must haves vs nice to have. An example would be rent is a must have vs renting a movie is nice to have.
Do I consider bankruptcy? Or are there alternatives?
Debt settlement programs can reduce your overall debt significantly. However, this solution has pitfalls such as having to deposit hundreds of dollars weekly into a dedicated account and high fees. These programs can also take several years during which time your credit scores and anxiety take a hit negatively.
You do have another route that can free you from your debt. Call LMG Financial Solutions LLC for a complementary call to discuss your situation in confidence at 201 297-7600. http://lmgfinancialsolutions.com