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A 5-Step Plan When Considering Debt Services

When you approach your problems matter-of-factly, they can seem a lot easier to handle. Making a simple to-do list can go a long way toward motivating you to get the help you need when credit card debt feels so overwhelming. Print this worksheet and fill in the missing information to get you started on the path toward solving your debt problems for good.

  1. Admit that you need debt reduction services.

    Whether you owe $5,000 or $50,000, when you can't afford your minimum payments and creditors are constantly calling, you need to look into debt reduction services. The longer you wait and suffer the worse your situation will grow as high credit card interest quickly accrues and debt piles up. Don't wait...

    TO DO: Write down your debt problem and describe why you think you need help.

  2. Learn debt reduction services lingo.

    Take the time to research and learn about your different options. For example, the phrase "debt consolidation" can have many different meanings from debt settlement (paying back an agreed-upon reduced amount) to debt management (paying back the full amount in an agreed-upon time period) to bill consolidation loans (borrowing more money to pay back debts). You need to be aware of the differences because the right solution depends on your unique debt situation.

    TO DO: Look up and learn about the different types of debt relief services and make notes on which you think might be right for you and why.

  3. Choose a reputable debt reduction services company.

    Not all debt relief companies are created equal. In fact, out of the thousands of debt consolidation companies in the United States, each has very different fee structures and levels of service. Check their business reputation by searching for complaints online with your local Better Business Bureau. There are many scams and debt services companies who charge hidden fees so buyer beware, especially if a company requires you to make an upfront payment to them before they will evaluate your credit situation or make any payments to creditors. There are also other considerations such as whether or not the company offers phone and online customer support, online account management, electronic debt repayment processing, 24/7 customer service or in-person counseling. Choose what works for you and do your homework by checking out any debt services company before making your final choice.

    TO DO: Research, evaluate, and list three debt relief companies you are considering and why. Then check them out on the BBB website. Discuss these choices and reasons with your family.

  4. Get the debt counseling you need

    Once you've chosen a reputable company that offers realistic and customized debt relief options, you'll need to lay your financial cards on the table honestly for a skilled debt counselor to evaluate. You will divulge your true household income and true expenses including credit card debt payments due every month. You will need to dig deep within yourself and be completely honest about your spending habits with yourself and your debt counselor in order to come up with a personal debt reduction plan that will work for you.

    Some debt relief companies operate completely online offering live help if you need it and some companies may have in-person help locally. It's all about choosing what works for your lifestyle, schedule, and personality.

    TO DO: From the list of three companies you have evaluated above, choose one and get started attacking your debt. CareOne offers a guided online process that evaluates your situation and recommends the best option for your specific needs.

    Write down your appointment or enrollment date.

  5. Stick with your debt relief plan.

    Once you choose a plan to get out of debt, you are making a commitment to getting out of debt for good! Try to increase your household income if possible to ease the transition. Stick to the budget your debt counselor has laid out for you and above all, make your monthly payment on time.

    TO DO: Keep your goals in mind.

    Write down your monthly payment amount and due date.

    Write down your program end date.

    Write down what feels the best about the whole process and read it back to yourself every day for motivation!

Facing the truth about your debt problems and doing something about them by working with a reputable debt relief company isn't the easiest choice. But it is the right choice to find immediate relief in a plan that helps you solve your debt problems once and for all. Creditors will stop calling, your payments will be more affordable, and you'll have the satisfaction of seeing light at the end of the tunnel. Stick with it!

If you liked this you may also like:

  • Does It Make Sense To Get Debt Consolidation Loans With Bad Credit?

    If you’re struggling with debt – as many consumers are – you may be looking for a way to pay off your bills and get back on track financially. Debt consolidation loans for bad credit profiles are one way to get out of debt, but you may be wondering where to look if you’ve been turned down by your bank or credit union. Before you go down the wrong road, take some time to realize there are choices for you, regardless of your credit history and financial situation

  • Pros and Cons of a Credit Card Consolidation Loan

    If you’re one of the millions of Americans with overwhelming credit card debt, you may have looked into a credit card consolidation loan to tackle your debt. And while a consolidation loan for credit cards can be a good option when you have a lot of bills to pay off, there are plenty of alternatives to consider. Each has its own pros and cons.

  • Are There Debt Consolidation Loans for Bad Credit Profiles?

    A debt consolidation loan can be a great tool for people with bad credit to help them get their finances back on track. By combining your existing bills into one new, monthly payment, you’ll be able to pay off most of your debts and work on becoming debt-free for the long term. But if you’re one of the many consumers with bad credit, you may be wondering whether you even qualify for a consolidation loan.

  • Get Debt Help

    Because of the economy, millions of people across the country are looking for debt help. If you’re one of those millions, you may be facing overdue loans, calls from debt collectors, and increasing late fees and interest rates. In many cases, the best way to get rid of these debt problems is to work with professional debt-relief provider.

  • How to Pay Off Bills Fast

    Nobody enjoys paying bills, but if every mail delivery brings more demands for money, the bills are mounting up in a pile, and you’re juggling the debt you already owe with new expenses arriving every day, it’s time to take control and reassess your approach to paying bills.

Begin our online process to see your personalized savings.

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