Getting a Handle on Your Debt
September 15, 2008 7:09 am Just Random!I think it’s safe for me to say that a lot of us have way more debt than we’d like to admit. Anyone nodding their head right now thinking, “Yeah, that’s me?”
Well, you’re not alone. I’ve heard it said before that the average American household has at least $8,000 in credit card debt alone. This is a problem people!
So what can you do to get out of debt? Well, you need to have a plan and then get to work paying off the debt that you have. The nice is that there are also companies out there that have a lot of plans and services to help you to consolidate debt. And with the economy the way it is right now, it’s a good idea to do whatever you can to save money!
There are a lot of different options for consolidating debt. Here are a couple:
- Credit Counseling - enrolls your in a debt management plan and can possibly lower your interest rates.
- Debt Consolidation - combine several loans into one bigger one.
- Debt Negotiation - try to negotiate a better rate
- and others.
Bills.com is one site that can really help you to figure which type of plan is best for you. Always check into the side effects of different plans as well. I’m no credit counselor, so I can’t really say which is best. That’s why it’s again nice to have companies that can help you to figure it out!
The Country is Swamped in Debt
Help to Get Out of Debt
Is Debt Getting Out of Control?
Getting Your Credit Started
Getting the Right Credit Card
tags: money
Yes Bills.com is really helpful site. Thanks, This is one of very few blogs that was worth the read, a great insight, you should be commended for your time and effort.
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true. it’s a significant problem. i find that there’re quite a lot of money blogs out there as well, with some really great advice.
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thats awesome! I hate mice but I would fight one I’m no sissy.
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I also use bill.com. very useful! great article.
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The west has allowed itself to indulge in a debt culture. This has to end, and the recession is long overdue. I think this is a good thing. The next generation will not spend what it doesn’t have. This will be down-sizing on a national scale but I think people will be happier for it.
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Dan Reply:
November 17th, 2008 at 9:03 am
there is way too much debt right now. I’m still working on getting out of debt myself, and gradually we are getting there.
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Debt consolidation is a great way to get to grips with debt. Many people are just put off with the logisitics of paying off debts - where to start! By consolidating debt, you know where you stand on a monthly / weekly basis and can budget a lot better.
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Dan Reply:
November 17th, 2008 at 9:03 am
Debt consolidation can really be a good idea for a lot of people. i have never looked into it personally though.
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I’ve been reading a few blog posts about bills.com but never tried it. You can predict how your debts will snowball! I however am a firm believer in the “head in the sand” technique!
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Dan Reply:
November 17th, 2008 at 9:04 am
is that the technique where you try to avoid facing the truth?
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Zebra Money Management Reply:
November 17th, 2008 at 9:08 am
That’s the one! However, it always comes back to bite you as I have recently found out with a council tax bill. They will hunt you down to the ends of the earth for that 23 pound!
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Dan Reply:
November 19th, 2008 at 7:59 am
yeah, you gotta watch out for that tax man!
What’s surprised me is how people accept being in debt as normal. I prefer to have some savings so I can sleep at night.
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Dan Reply:
November 17th, 2008 at 9:04 am
I agree! My goal right now is to get out of basic consumer debt and then stay there!
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My worry is that the west will become like Japan and we will see a very long period (over a decade) of deflation and - I know this will sound crazy - but people saving too much, and not spending, driving the deflation further. This is the reality in Japan after their 80s bubble burst. I hope the pendulum doesn’t swing too far the other way. Yes people are being reckless with debt these days, but a BIT of debt drives the economy and is actually quite healthy.
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