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HomeBlog Debt ReliefManaging Debt Might Be Easier Than You Think
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Managing Debt Might Be Easier Than You Think

December 12, 2012 by National Debt Relief

 Woman looking depressed over her credit card billsDo you find yourself singing those old “got too much debt blues”? Don’t feel bad. It happens to almost everyone at one time or another. I recently read an amazing list of people who had bankruptcies, including Abraham Lincoln, figure skating star Dorothy Hamill, Henry Ford, Milton Hershey (he of Hershey bar fame), and Mark Twain. So if you’re struggling with debt, you’re in good company.

The good news

The good news is that managing your debt might be easier than you think. There are numerous things you could do to get your debt under control and even get it paid off.

Total of your debts

The first step is to determine how much you actually owe. Did you just let your debt built up and kept pushing those bills and credit card statements off into a corner?| Then you need to sit down and do a list of everything you owe along with the interest you’re paying on each debt. One good way to do this is with a spreadsheet. Just list the name of the creditor in the first column, the amount you owe in the second column and the interest you’re paying in the third. Next, sort the results so that the debt with the highest interest rate is at the top of your list.

Double up on your payments

Now that you know which of your debts has the highest interest rate (and is costing you the most), start paying it off by doubling up on your payments. As soon as you get its balance paid off, you can use the money you now have available to begin paying on the card with the next highest interest rate and so on. This is called “snowballing” credit card debt and has proved to be a very effective way to manage debt.

Restructure your debt

Another technique that has proved to be effective in managing debt is to restructure it. The way that you do this is by contacting your creditors and negotiating with them to reduce your interest rates so you can get your debts paid off faster. You can also ask for a grace period during which time you wouldn’t make any payments at all. If you could get one or two of your creditors to agree to this, you would then have time during which you could increase your payments on your other debts to reduce their balances substantially.

Start budgeting

If you’ve never sat down and created a budget, this could be a great time to start. You will need to first track your spending for probably a month so you’ll know where your money is going. Be sure to write down everything you spend – right down to that takeout pizza you had for dinner. Next, divide your expenses into logical categories such as food, clothing, shelter, insurance, transportation, medical expenses and the like. This should give you a clear-cut picture of how much you’re spending for what and where you could make cuts. Start with the goal of reducing your monthly spending by at least $200, which would free up money you could use to pay down your debts. Most people who go through this exercise find that the easiest places to make cuts are in food and entertainment. If you shop carefully, take advantage of store specials and use coupons, you should be able to reduce your grocery bill by several hundred dollars a month.

Refinance your home

If you have equity in your house, now would be a great time to do a refi because mortgage interest rates are so low. Let’s suppose that your home is worth $150,000 but you owe only $100,000 on your mortgage. A refi would free up something around $40,000, which could be more than enough to get all of your debts paid off.

Choose debt settlement
A fifth way to manage your debt is to let us do it for you. Our debt settlement plans have helped thousands of clients get out of debt in 24 to 48 months and save thousands of dollars as well. Call our toll-free number so we can explain how debt settlement works and what it could do for you. You won’t regret the call.

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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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By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
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Moderate National Debt Relief Caller: Charlotte Transcribed WE 1/24/2021 Charlotte: Before I begin, I have to let you know that our call may be recorded. Can you tell me, how did you first hear about our National Debt Relief? JOAN: Oh, I don't know. I don't remember. I don't know how I heard about it. Charlotte: What made you decide to work with them? JOAN: Well, obviously, I needed to consolidate my debt. Charlotte: Tell me about the service program that they provided you with. JOAN: Well, I'm not done. But for me, it’s costly. What I did not like about it was that they add on. They say it's going to be X amount of dollars. But then what they do is they say, “Oh, well, we found another creditor that you need to…” So that'll be at a different part of the month and I don't like staggered bills. If I'm gonna pay a bill, whether it's to the phone company, the insurance company, whatever it might be, I want to pay that bill once a month. That's the only drawback. Charlotte: So let me get this. Normally, they are collecting the bills upfront. And then they work to get them paid off at a different rate. So everything wasn't collected all at once, if that's what I'm hearing correctly. JOAN: No, no, no. Every month, money is taken out of your account. And they pay X amount of dollars. Like let's say you owe $5,000 with Citibank, $500 in Credit One, whatever. They work out a deal with them and then they say, “Well, you have to pay $350 a month.” And they'll pay $20 a month towards -- they give you like around about how long it's going to take. Two years, two and a half years. And then they work it out that way. Charlotte: Now, what did you think about your negotiator? JOAN: I don't know. I just called up. It's a completely different department. So when you call up to sign up, it's very different. I don't remember that. It's just that they collected all the information. It was easy for me. I didn't have to go through and find whatever bills I wanted to put in the debt relief. They did that. Charlotte: So say you have questions or concerns. How did you get your questions or concerns addressed? JOAN: I would just ask and they answered it. They're very helpful like that. They'll answer any questions you have. And if they don’t know, they will find out. Charlotte: So was there not a particular person that you spoke with? JOAN: No, you don’t have one person that you deal with that just handles your account. Once you do – they’re like headhunters. Until you sign up, you're going to have that one person and even other people calling. Once your name is out there, they're going to keep calling you. So, once you sign up, then it's whoever answers the phone. It’s customer service. Charlotte: How comfortable did you feel working with National Debt Relief through this process? JOAN: I felt very comfortable, very safe. I was not worried about anything. Charlotte: Is there anything about this process that you would have liked to seen handled differently? JOAN: Yes. The way the payments come out. I'd rather have them one instead of … Charlotte: Everywhere. JOAN: Right. Well, not everywhere. For the most part, the bulk of them were. But then if there's one here, one there, they don't just extend it to another payment. And then the payments change, like the payment amount. You could pay $20 for six months, and then all of a sudden, it's $80 for the next three months, so you really don't know. Charlotte: So if you have to rate this experience on a scale of one to five, five is you’d recommend to friends, one you're pretty dissatisfied… JOAN: No. I would definitely recommend it to a friend. Charlotte: How would you say working with National Debt Relief has impact your life? JOAN: Well, it did help until I hit a speed bump. I'm in the middle of a divorce and my husband closed our checking account, of course. But so far, as a matter of fact, that's why I thought you were calling. I have to postpone the next month, so hopefully, they'll be able to postpone it, because I've been postponing it for a few months. Charlotte: Would it be okay if I posted your comments as a review on our public website for National Debt Relief? Because you did give us some really good feedback. JOAN: Yes, but not using my name. Charlotte: Okay, I will make it anonymous for you. I will also send over a link so that you can have it as a record for yourself at jdola20@yahoo.com. JOAN: Yes, but do not put that public. Charlotte: Oh, no, no, no. That doesn't go public. Definitely. How would you say working with National Debt Relief has impact your life. JOAN: Well, really, it would have helped if I could have stayed on the program. Charlotte: We’re recorded.

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