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HomeBlog Debt ReliefHow To Be Financially Responsible In The Midst Of Debt Relief
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How To Be Financially Responsible In The Midst Of Debt Relief

November 7, 2013 by National Debt Relief

shocked man looking at documentsIn your life, you will encounter a lot of experiences and it will not always be positive. But even the most difficult of situations like a financial crisis can end up as something positive. The key lies in how you will react to the event that you are currently in.

Being in debt can either bring out the best and the worst of you. Some people lost everything while some people use it as a primer for financially success. It is true that choosing among the debt relief programs will be one of your important decisions that you will make. However, you also have to consider how you can be more financially responsible because that will keep you from getting yourself into another debt pit. You need to make a decision to correct all the irresponsible financial choices that you made in the past to avoid repeating the same problem.

Debt relief lessons that will teach you to be responsible with money

There are a lot of lessons that you can pick off from any debt relief program that will teach you positive money management habits. Of course, the different programs have different processes so you can expect the lessons to differ from each other too. But in terms of habits, these are the various practices that you can learn in general.

  • Defining the difference between luxury and necessity. When you are striving to be financially responsible, you need to be able to distinguish the necessities and luxuries in your life. Debt has no room for luxuries so you need to get rid of them and get used to living without them. This will help establish the basic principles of smart spending that will really allow you to maximize the limited income that you have. This is very important because you need to conserve you money from your usual expenses so you can allot more for your debt payments.

  • Organizing your monetary transactions. This is the simplest goal of budgeting. If you want to be financially responsible, that will always include a budget plan. It will help you identify your income and the various expenses that you use it for. Money management is all about controlling your money and a budget plan is the best tool to help you. By knowing your finances, you can make better decisions about how you will spend it so you will not end up in debt. If you are unsure about how to create a budget, you can look at various templates from Google Drive. Make sure that you learn to revise your budget every now and then so it will suit the changes in your lifestyle too.

  • Choosing your expenses even when you are can afford it. Another lesson that you need to know is saying no to expenses that you know you do not need – even when you can afford it. Instead of using your extra money for unnecessary expenses, you may want to just save it instead.

  • Growing your savings. By choosing to save instead of spending, you are not only being responsible with you money you are also setting yourself up to be financially stable. In the long run this is the most important goal that you must try to reach – more than just growing your money. By saving, you are preparing yourself for unexpected expenses and even planned ones. It will help keep you from incurring more debt.

  • Learning to invest your money. Being financially responsible is not just about getting out of debt. It is also about learning how you can grow your limited resources so you can put in more money towards your debt payments.

  • Keeping your neighbors from influencing your spending decisions. Keeping up with the Joneses is a habit that got a lot of us in debt. If it is something that you do not need, then do not spend for it – even when the whole neighborhood is doing the same.

All of these lessons will help you get out of debt and not only that, will also teach you to be financially responsible.

Why financial responsibility is very important

Maybe you are wondering, what is all the fuss about financial responsibility? We have mentioned how important it is to set up your future to be financially stable. This will keep you from debt and also allow you to create a comfortable future for you and your family. But before you can achieve this stability, you need to be financially responsible first. That is the catalyst for what you will be aiming for.

In the end, it is not really how much money you have. It is more of how it will support you and the lifestyle that you want to live without getting you in debt. With financial responsibility comes the willingness to be deeply involved in where you money goes to. It enables you to make better financial decisions that will contribute to your personal wealth.

As you learn how to do this, you will also be more adept when it comes to borrowing money. You no longer have to fear debt. There are instances wherein getting a loan is necessary (e.g. buying a home or setting up a business). Do not let your irresponsible behavior keep you from opportunities that can grow your wealth. If you are financially responsible that will help you manage your debt well enough to keep it from being a financial crisis.

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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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"When I first decided to go with National Debt Relief and I..."

Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/17/2021 Charlotte: Our call may be recorded. What actually made you decide to work with our National Debt Relief as opposed to other providers? GLYNN: Well, when I first decided to go with them and I talked with the representative, I got a favorable impression of him. And since we've gone with him, we've had very good experience with them. Charlotte: Can you tell me about the program that our National Debt Relief signed you up for? GLYNN: It's a debt consolidation program. Took our credit cards and then working to pay them off. So far, they paid one of my wife's off and one from me. Took the harassing phone calls that we were getting and got them to stop and got creditors to wait on their payments so we could get money to pay them. Charlotte: What did you think about the enrollment process you went through? GLYNN: Enrollment process? Well, it was, I guess... Charlotte: Like how easy or difficult did you find the enrollment process to be? GLYNN: It was no [unclear 0:02:52], just what we could do, and looking at our financial situation, what we was able to do. It's just that, mainly, I was the point where I was fixing to go bankrupt and I didn't want to do that. And this was a way to, I guess, not to go bankrupt. But it still left that option open. Charlotte: In what ways would you say that this program has worked for you? GLYNN: Well, I guess the biggest thing is it stopped the harassing phone calls that we have been getting sometimes five or six times from the same creditor a day. It gave us an opportunity of being able to, I guess, set up a fund that we can use to eventually pay off our credit cards and our debts. Charlotte: About how far would you say that you were in at this point? GLYNN: At the time we signed up? Charlotte: At this point right now. About how far are you in the program? GLYNN: Well, it's, [0:05:00] I guess, about -- I would say I think I was like nine months. And like I say, they were able to pay off one of my wife's credit cards and are working on another one and was able to pay off one of my credit cards, and hopefully be able to pay off another one. Charlotte: Walk me through the interaction with your National Debt Relief negotiator. Give me a little insight on what that experience was like with that representative. GLYNN: Well, he helped us go through and get signed up on a program. He helped us with the getting, I guess, a financial report to establish a savings account to be able to use to start paying our debts off. We didn't know what to do or how to go about doing it. Charlotte: Is there anything about your National Debt Relief negotiator that really stood out and impressed you at all? GLYNN: Yeah, his manner and I guess he was polite and he didn't put down on us. And he led us and showed us the direction we need to go. Charlotte: Is there anything about this process that you would have liked to have seen handled differently? GLYNN: No, not really. Charlotte: If you had to rate this experience on a scale of one to five, and five is that you would recommend to friends and one is you were pretty dissatisfied, how would you rate it? GLYNN: I would rate it at a 5. Charlotte: Would it be okay if I posted your comments as a review on our public website for National Debt Relief? They just like to know what their customers felt about... GLYNN: If you think they're good enough to post. [chuckles] Charlotte: I will send over a link so that you can have it as a record for yourself also at glynncoates@gmail.com. How would you say that your life has been impacted by working with National Debt Relief? GLYNN: Well, it's taken off a lot of the burden off that we were under. We was to the point of, "Just go ahead," and getting a lawyer to file bankruptcy. But this has given us an opportunity to pay some of our debtors back. We made the debts under good face and circumstances beyond our control, it got out of hand. And so, we were trying to -- we wanted to pay them back, [0:10:00] or as much as we can so that, I guess, more ease in our minds. Charlotte: If a friend or a family member were asking you about National Debt Relief, what would you tell them? GLYNN: I'd tell them if they was needing, that they were good to work with and they continued to try to help and work with us. Charlotte: Our call is recorded.

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Glynn Coates
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