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Debt Counseling

By Edited Feb 25, 2016 0 0

We all come across a time in our lives when we end getting that car up which our pay check could not really manage, but we thought we would handle the installments somehow, or our love for the designer brands leaves our pockets empty and our credit cards full, every time we are at the mall. We consider every shopping spree our last, but somehow end in falling in another bottomless pit of long bills and financial troubles. There is no need to worry, as we are here to help you float out of your troubles, before you sink in.

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The first step is to realize that you are indeed in debt and it is time to take control. Just remember that when you have a thinking that you are spending too much and the bills are pilling up, and then there is a high probability of your actually being in debt. There is no need to be afraid, just get ready to gather all your details of spending for the last one year and begin planning.

Second step is to gather all your financial statements, bank statements, bills, preferably for the past one year, or at least the past six months. If you have hired help that takes care of this; ask them to consolidate all financial statements. Develop a brief summary of your monthly earning and the actual expenses per month. Now, list out the per month installments to be paid for the various loans, credits, mortgages, etc, to come down to a total figure to be paid monthly . This will first give you the real picture of how much you should be spending and how much you are actually spending each month.

If you currently face a situation where your debts are outnumbering your earnings, then decide to get detailed information on loans and choose a viable, minimum interest loan, with which you can pay your debts, yet its installments can fit in your monthly earnings. The initial picture may bring you down, as the installment plan can take up to years, but do not lose heart and remember, it's never to late to realize and start off to gain financial stability.

Now come to the next step. Every time you decide to indulge in a payment, make it a rule of thumb to first go back to the figure you actually have on your hands each month, after you have paid the current expenses, to be able to decide if you can afford another loan or any amount on credit. You can also decide in making someone your financial advisor, a spouse, family member, friend or someone trusted, so they can always take sense of you, if your desires are taking over.

Remember, indulging in fulfilling your desires of those luxury purchases, sounds exciting and easy to do, but ending in deep debt is difficult to come out of. Today if you have your feet in deep waters, it means it is still possible to swim up towards the shore, before you sink in. Start off with your plan today and make it a habit to look at your expenses and savings at the end of each week to have a close look at your financial details.



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