A new poll was released a few days that showed 51% of Americans don’t have a savings account that’s more than their credit card debt. While this isn’t such a shocker, I’d love to help you begin getting your debt on track. Here is How to Get Out Of Debt, The 5 Beginners Steps:
- Recognizing Your Debt – While this sounds like a no brainer, find out where all your debt is. If you must create a spreadsheet or simply write it down. Seeing where your debt is will help get your debt life back on track. You also want to be sure to pull your free credit report as well. You should be doing this once a year!
- Dispute – Once you’ve pulled your credit report, dispute any findings. The company has 30 days to prove that the debt is indeed yours and if they fail to do so, it will be removed from your report! This is exactly what a lot of these “Credit Counseling” places will do for you, but, charge you $500 to do so!
- Pay In Full – Now that you have your debt in front of you call the companies and ask for a Pay In Full Discount. Often times companies will give you a certain percentage off for paying in full! If it is in your means to pay off your balance in full do so!
- Financial Assistance – If you have debt at your local hospital call the billing department and ask if they have financial assistance available. Chances are that they do and will ask for a few personal questions. When you answer these you may qualify for a discount, or even better, your entire bill could be covered 100%!
- Payment Schedule – A payment schedule is a great way to pay down your debt. This will leave you monies for the month for your everyday living and allow you to still make payments on the debt that you have. Sticking with a strick payment schedule will allow you to pay down your debt. PLEASE don’t pay your debt with a credit card…your credit card incurrs interest and just another way to get back into debt!
I hope this helps you —