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Advanced Debt Management Solutions
Friday, Apr 6, 2007
Question: I recently got into financial trouble, long story short I have 6 payday loans out and now I can’t pay rent without continuing to get the loans. How can I get out of this cycle? Are there advanced debt management solutions out there?
Answer: First of all, you are not alone. With $13 Trillion out there of debt, we're just about all depressed with bills. The challenge is to take charge of the situation and come up with a solid game-plan.The Pay Day Loan cycle is something that many Americans get caught up in.
The first goal will be to budget. Start out with the Personal Finance and Budget Guide (which I have attached for you for free). It has some excellent tips on how to manage your money and how to get out of the cycle of debt and into a virtuous cycle of wealth.
If you need debt help, please contact a counselor (we have several online at our debt help section) or you can seek a local advisor.
If you want to see some videos on credit
and debt and learn more, feel free to check out the Bills.com video section: Bills.com Financial Help Videos .
Try to find a way to save money in your budget in order to pay off these pay day loans once and for all and break the cycle you are in. If this is not possible given your budgetary constraints, try to obtain a traditional loan from a bank, or a loan from a friend or relative at a more reasonable interest rate.
Lastly, try to make a game out of your personal finances. Set short, medium, and long-term goals... and reward yourself for achieving each milestone with simple things like a dinner
Try to find a way to save money in your budget in order to pay off these pay day loans once and for all and break the cycle you are in. If this is not possible given your budgetary constraints, try to obtain a traditional loan from a bank, or a loan from a friend or relative at a more reasonable interest rate.
Lastly, try to make a game out of your personal finances. Set short, medium, and long-term goals... and reward yourself for achieving each milestone with simple things like a dinner
with a friend, a movie, or just ice-cream. By setting achievable goals, working toward them, and hitting your goals - you will start to take pride in your finances and leave the bill depression in your past!
If you would like more information, please visit us online at bills.com. We have also attached a free guidebook on budgeting and financial planning, including a section on getting debt free.
If you want to see some cool and free financial advice videos, follow this link: Bills.com on YouTube .
I hope this information helps you Find. Learn. Save.
Best,
Bill
www.bills.com/blog/
If you would like more information, please visit us online at bills.com. We have also attached a free guidebook on budgeting and financial planning, including a section on getting debt free.
If you want to see some cool and free financial advice videos, follow this link: Bills.com on YouTube .
I hope this information helps you Find. Learn. Save.
Best,
Bill
www.bills.com/blog/
Also, make sure to get a free financial health check-up with Bills IQ!
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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!
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