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HomeBlog Debt ReliefNeed To Pay Off Debts? Have A Budget And An Action Plan
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Need To Pay Off Debts? Have A Budget And An Action Plan

January 22, 2013 by National Debt Relief

budgeting money to conquer debtDo you feel as if you were being suffocated by your debts? Well, sit down, take a deep breath and relax. You can pay off those debts – assuming they haven’t gotten totally out of control.

What is totally out of control?

If you’ve been unable to make even the minimum monthly payments on your debts for five or six months, or if you have debt collectors harassing you unmercifully, your debts are probably out of control. However, if you are making your minimum monthly payments but feel as if you were falling further and further behind every month, you can pay off those debts and without borrowing any more money.

Make a budget

The first step in paying off debts is to make a budget. To do this you will probably have to track your spending so that you’ll know where your money is going. You should track every expense and then divide them into categories such as food, transportation, insurance, medical, entertainment, clothing and the like.

Where could you make changes?

You’ll need to next review all your categories and look for areas where you could make cuts. Most people find that they can reduce their spending on entertainment and food and probably clothing. Naturally, the objective is to cut your spending by at least several hundred dollars a month so you will have money to pay off those debts.

An action plan

While making a budget is a good first step, you also need to have an action plan or a plan for paying off your debts. A good way to do this is with a spreadsheet program. Make a column listing your debts followed by a column with your balances and a column with your interest rates. You could then order your debts by balances owed from highest to lowest or by interest rates from highest to lowest. Most financial experts say that you should first pay off the debt with the highest balance or highest interest rate. That way, you would free up the maximum amount of money you could then use to pay off the debt with the next highest balance and so forth. Alternately, you could decide to pay off the debt that has the lowest balance first. That way, you would see some immediate progress in getting your debts paid off, which could help keep you motivated.

Stick to your budget and stick to your plan

If there’s any secret to paying off debts it’s stick to your budget and your plan. Sticking to your budget will generate the money you need to pay off your debts and sticking to your plan will help ensure that they get paid off.

If your debt is out of control

None of this will work if your debt is totally out of control. If this is the case, your best option would be to let us settle your debts for you. Debt settlement is really the only way to get your debts reduced short of filing for bankruptcy. National Debt Relief has helped thousands of families settle their debts and become debt free faster than any other form of debt consolidation. Contact us today. Let us explain debt settlement and how you could benefit from it. We charge no upfront fees. In fact, you pay us nothing until we have successfully settled your debts and presented you with a payment plan that you approve. Why let debt govern your life when we can take that burden off your shoulders and help you become debt free in a reasonable amount of time?

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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: Charlotte Transcribed WE 1/24/2021 Charlotte: Our call is recorded. How did you first hear about National Debt Relief? SABAD: Oh, I was just Googling, “How do you solve for debt collection?” And this is what comes up in the research. Charlotte: Was there any particular reason that you selected National Debt Relief as opposed to the others that came up as well? SABAD: Honestly, no. There's no reason. I just thought this was the best. Charlotte: Tell me about the service that they provided for you. SABAD: The service they provided was getting like, “You have 24 months to 42 months to get debt relief. This is how much you have to pay. You have to [reapply 0:01:19]. We can contact all the credit --” All the details they gave me, actually was knowledgeable. And I talked to one of my coworker, and she told me she did it like a year ago. I'm like, “Oh, I just signed in.” And she's like, “Yeah, they're the best.” Charlotte: What did you think about the enrollment process as far as how easy or difficult would you say it was? SABAD: I believe it was easy. I don't think it was hard. Anybody can do it. Charlotte: Do you remember the name of your negotiator? SABAD: Yeah, I think it was Oscar. I don't remember his last name. Charlotte: Is there anything about him that stood out and impressed you at all? SABAD: The way he explained to me, how he gave me the explanation. He didn’t put me in a pressure. He say, “Hey, take your time.” He gave me like three days to enroll. He say, “Hey, I’ll give you three days. You can go and research. Here’s my telephone number. Here’s my fax.” The way he provided all of it, that’s what made me say, “Hey, I think I can trust these people and do it.” Charlotte: How comfortable did you feel working with National Debt Relief through this whole process? SABAD: 100%. Charlotte: Is there anything about your negotiator that really stood out and impressed you? SABAD: Everything he did impressed me. Charlotte: Is there anything about this process that you would have liked to have seen handled differently? SABAD: Maybe quick -- but I believe it depends on your budget and the time, so I think they're trying their best. But everything’s take a long time. So, I don't wanna be [unclear 0:03:20]. Charlotte: If you had to rate this experience on a scale of one to five stars, five stars is that you would recommend to friends and one star is you're pretty dissatisfied, how would you rate? SABAD: You said 5 is the what? Charlotte: Five is the very highest you could rate them. SABAD: I will say actually 5. My opinion, I would say 5. Charlotte: Would it be okay if I posted your comments as a review on our public website for National Debt Relief? SABAD: Absolutely. Charlotte: I have you at sabadsamatar2014@gmail.com. SABAD: Yes. Charlotte: How would you say that working with National Debt Relief has impact your life? SABAD: It’s impact everything the last two years. I don't think I would survive without them. Whatever happen right now, to me, especially when COVID happened, I'm like, “Thanks, God.” It was the right time for me. I think God opened a door, say, “There we go. This is your right door that I opened.” Charlotte: We’re recorded.

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