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HomeBlog BlogDebt Advice for People Living With Too Much Debt
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Debt Advice for People Living With Too Much Debt

December 26, 2012 by National Debt Relief

woman with help signMost financial experts say that it’s very easy to get into debt but very hard to get out of it. It’s possible to accumulate a large amount of debt in a few weeks or months that will take years to pay off. Therefore, it is best to spend wisely.
While there are many ways to get in debt, the most common cause is credit cards. If you find you’ve amassed a huge amount of debt, it’s important to pay it off as soon as possible. Here are eight easy debt advice tips that can help you get out and stay out of debt.

Work it out

Figure out how much you owe. If the total amount of your debt exceeds 20% of your net income, you’re in danger and should do something to pay it off. Many people don’t want to believe that they are in debt. They take out one loan and use it to pay off other debts. That doesn’t do anything to help their situation because they will just be moving their debts from one creditor to another. A better option than just moving your debt is to consider debt settlement.

Budgeting

Once you know the exact amount you owe, you can come up with a budget that should include a schedule for repaying your debts. You should be as realistic as possible. If you have amassed too much debt and you are having trouble paying it off, don’t hesitate to choose debt arbitration. There is no shame in choosing the debt arbitration option. After all, you would be able to clear your debts and live a debt free life.

Be disciplined

Don’t accumulate more debt as this will only make matters worse. Wait until you’ve paid off your current debts before adding any new ones.

Reduce your daily spending

This applies mostly to shopaholics or the kind of people often buys things they can’t afford. Try to reduce your daily spending or limit your spending to the most essential things.

Utility bills

Pay all your utility bills by direct debit as opposed to paying them with a credit card. When you pay using your credit card, you’re only increasing your total debt. On the other hand, when you pay your bills using direct debit, you may qualify for some discounts.

Switch to a cheaper credit card

There are very many credit card companies. If you shop around, you should be able to find a credit card with a lower interest rate than what you are currently paying. The same case applies to loans. If you can find a cheaper alternative, don’t hesitate to take it up. You should be careful about special offers on credit cards and loans. This is because the rate on these loans may increase considerably after an initial interest free period.

Switch your mortgage

Your biggest monthly expense is probably your mortgage payment. This makes it very important that you have the best deal. If the interest rate on your current mortgage is high, you should consider re-financing. In so doing, you would be able to take advantage of the low interest rates offered by other mortgage providers.

Although there are very many ways to get out of debt, there are people who just can’t because they owe too much. If you are in such a situation, don’t lose hope. Debt settlement is your best option to get out of debt. It involves finding a reputable debt settlement company that can negotiate settlements with your creditors. The main advantage of debt settlement is that part of your debt will be written off in exchange for a one-time lump sum payment.

Do you qualify for debt consolidation?

National Debt Relief
National Debt Relief

National Debt Relief is one of the largest and best-rated debt settlement companies in the country. In addition to providing excellent, 5-star services to our clients, we also focus on educating consumers across America on how to best manage their money. Our posts cover topics around personal finance, saving tips, and much more. We’ve served thousands of clients, settled over $1 billion in consumer debt, and our services have been featured on sites like NerdWallet, Mashable, HuffPost, and Glamour.

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Moderate National Debt Relief Caller: Misty Transcribed WE 3/28/2021 Misty: The call, it may be recorded. Can you tell me do you recall how you heard about NDR? KYLE: I googled it, and then it went to Better Business Bureau or whatever it's called. And you guys have the highest rating. Misty: Which service did they actually provide for you? KYLE: So, basically, I enrolled all my credit cards into the program. And I stopped paying. And then, the lawyers reached out to the company's lawyers. And they've been settling, stuff like that. Misty: How would you describe your interaction that you had with your representative that you worked with on getting everything squared away? KYLE: Oh, it was excellent. Misty: Do you feel that the door of communication is still open if you have any questions or concerns? KYLE: Yes. Yes, I actually have been meaning to call you guys, too. [Laughs] I just haven't had time, but yeah. Misty: How did NDR work with you on your payment plan? Do you feel that they're flexible if you need to change the date? KYLE: Yeah. Yeah, if I ever had to. I don't need to, but I know that if I ever had to, I can just call them. Misty: What are your thoughts on the cost in relation to the quality of service you've received from them? KYLE: I'd say 10 out of 10. Misty: How has working with NDR impacted your life so far? KYLE: It's helped out a lot. I was really underwater with bills, and now I can breathe. And I managed it a whole lot better. Misty: Have you actually finished the program or are you still working through it? KYLE: Still working through it. I got one more card to settle. Misty: But we're making progress though, right? KYLE: Absolutely. Yeah, I think one of my cards was 17,000. They settled it for 6,000. That was pretty cool. Misty: Are there any other comments or even any suggestions on how they might improve their service for you? KYLE: Well, what I was gonna call them about was just as far as the payments that I make, and is there an actual date as to when it stops at 43 months, or if that was an estimated date? So, I guess I should have gotten more clarification in the beginning. But that's kind of what I had questions about. Misty: Well, that brings us to the star rating, which is 1 to 5. So, how would you rate your experience with NDR at this time, and 1 would be very dissatisfied, 5 is that you would recommend them to a friend at this time? KYLE: A 5. Misty: What would you say to that friend who asked you about it, just maybe one or two things you might tell them before they decide who they're going with? KYLE: That your credit is gonna take a hit, but it's gonna bounce back, and you'd be fine. Misty: Would it be okay if we shared your feedback on ConsumerAffairs.com for others to read it or in a similar point in their life where they're like, “I'm not sure who I need to go with,” but they can read reviews of people that have started the process with NDR? KYLE: Yeah. Is it gonna have my first and last name on the review? Misty: No, sir. Only first name, and we do not publish any contact information. KYLE: Okay. Yeah, that’s fine. Misty: I have kylecunningham1873@gmail.com. KYLE: Yes, ma'am.

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Kyle Cunningham
ConsumerAffairs Reviews

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