Many Americans are drowning in debt. Perhaps you’re like several others who find themselves thinking “I’m unable to pay my debts. What can I do?” Unfortunately, getting out of debt is challenging. You can have the willpower, but the countless monthly payments and high interest rates feel stacked against you. It’s easy to feel defeated and alone in your debts.
Debt hurts your financial security. It’s slows down your accumulation of wealth for retirement. But what may not be as easy to see is that by building up debt, you get used to a lavish lifestyle. This makes it even harder to change your behavior when you commit to paying it off and living within your means.
Thankfully, getting out of debt is possible. You can achieve financial freedom when you decide to take control of your finances. With your determination and the help of a debt consolidation company, you can pay off your debts in a shorter amount of time.
Take Control of Your Debt
If you are feeling stressed about your debts and are ready to take control, you can start with a few easy steps.
1. Prioritize your debts.
Start by paying down your debt with the highest interest rate first. Doing this will save you more money because the interest that’s accruing on your accounts will decrease.
2. Pay bills on time.
When you are active about paying your bills on time, you will eliminate late fees. This allows you to use the money to pay other bills or get ahead on your current bill.
3. Cut bad credit habits.
If you have multiple credit cards, stop using them and rely on one that has the best terms. You can consider closing accounts that carry an annual fee. In the future, use cards sparingly and pay them off immediately.
Benefits of a Debt Consolidation Company
If you’ve done your best to take control of your finances but you just can’t seem to get ahead, then perhaps its time you consider the help of a debt consolidation company. Christian Debt Counselors takes great pride in helping our clients avoid the horrors of bad credit, or worse, bankruptcy. Our professional counselors know all the ins and outs of personal finances. They can provide advice on budgeting, what to say to your creditors, and how to reduce your monthly payments.
We offer debt counseling to those who are willing to consolidate their bills and debts. During this counseling session, we will work with you to analyze your situation and discuss which options are the most beneficial for you.
As a debt consolidation company, we will work to help you reduce the catastrophic interest rates you have on your credit cards. Our counselors will go over your debts with you and work with your creditors to achieve a lower interest rate as well as combining all your debts into one monthly payment. This will help eliminate late fees which also keeps money in the bank for you.
Our staff will work you to put together a monthly budget. Doing so will help you see what you are bringing in versus what you are spending. Explore ways to reduce spending and expenses – and if possible, increase your income. You should adjust your budget every month to ensure you are constantly taking steps towards becoming debt-free.
Late payments, defaults and charged-off accounts have had a negative impact on your credit score. With debt consolidation, you pay your debt in full with no negative consequences to your credit. When you choose to partner with Christian Debt Counselors, your credit score will eventually go up as you make your one monthly payment on time.
Is There a Catch to Debt Consolidation?
There is no “catch” with a debt consolidation loan itself. The terms will be explicit, and you will be able to read them all and ask as many questions as you want before we ask you to sign on the dotted line.
You cannot just go back to spending and living the way you did before. That will put you right back in the same situation in which you found yourself.
If you pay all of your debt consolidation payments on time, you won’t suffer a hit to your credit. That’s another big advantage we provide. We work with your creditors to ensure that any damage to your credit is as minimal as possible. Most of all, once you make the last payment, you will be happy and on your way to rebuilding your life. We’ll give you not only the immediate help you need but also the necessary skills for your future.
There’s just one final thing. Christian Debt Counselors can help you only if you decide to help yourself. Once you decide to take control, we’ll get started empowering you to take back your life. We’ll give you tips to stay on track with your finances. We’ll work with you to determine the amount you can afford to pay back monthly and then structure the consolidation to fit those parameters.
To take back control of your deteriorating financial situation, give us a call to set up an appointment. When you decide to take control, you can achieve financial freedom.