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- 3 min read
Free Debt Help
The Fundamentals of Getting Out of Debt
If you're looking for free debt help, you're not alone. Thousands of people just like you are in debt. Debt plagues many of us and affects our lives every day. And every day your debt goes unpaid, the bigger it can get. That's why you need to start tackling your debt ASAP! Ignoring it won't make it go away.
Before You Tackle Your Debt...
Before you can even begin to address your increasing debt, you need to take a look at your current expenditures. What are your "must pay" expenses and what are your "luxury" expenses. Taking a quick look at how you're spending your paycheck will give you an idea of where you can start cutting back. You may be surprised just how much you're spending on luxuries over "must pays". Once you've gotten a good idea of your spending habits, the next step is to budget your expenses in relation to your debt. Learn how to establish a complete household budget for tackling your debt with the Bills.com Free Personal Household Budget Guide.
If You're In Over Your Head...
In some cases, your debt is just too large to tackle by readjusting your expenditures and establishing a workable budget. Some have serious debt issues and need quick solutions that will pay down all outstanding debts and save them from foreclosures and bankruptcies. Luckily, there are such options.
Below are some possible debt help solutions you can use to pay down your debt and help get your finances in order. Just because you're in debt doesn't mean all hope is lost. Read up on the following debt relief options and discover what alternatives you have.
Believe it or not, you can actually negotiate with credit collection agencies. In some cases, you can establish affordable monthly payments to pay down your debt. This is typically the easiest way to pay off your debt and there are services that will settle your debt for you and possibly lower the debt amount.
There are a number of credit counseling agencies that will help you with your debt needs. Often they offer free debt help and guidance, and in some instances can help you lower your monthly payments by getting interest rate concessions from your lenders/creditors.
A typical solution to lowering your debt is to consolidate it with a loan. Debt consolidation loans are loans used to pay off all your debt. A home equity loan is a popular loan type many use to consolidate their debt. A home equity loan is a loan that borrows against the equity in your home. The downside of using this type of loan to consolidate your debt is if you default on the home equity loan, you run the chance of losing your home.
Debt is a dangerous thing. It can start out small and quickly build into an uncontrollable beast. If your debt is heading down the wrong path or you have collectors banging on your door, it's time to take a close look at your finances and find the right solution to paying off your debt.
Get rid of your debt faster with debt relief
Take the first step towards a debt-free life with personalized debt reduction strategies.
Choose your debt amount
Or speak to a debt consultant 844-731-0836
Struggling with debt?
If you are struggling with debt, you are not alone. According to the NY Federal Reserve total household debt as of Quarter Q1 2024 was $17.69 trillion. Student loan debt was $1.60 trillion and credit card debt was $1.12 trillion.
According to data gathered by Urban.org from a sample of credit reports, about 26% of people in the US have some kind of debt in collections. The median debt in collections is $1,739. Student loans and auto loans are common types of debt. Of people holding student debt, approximately 10% had student loans in collections. The national Auto/Retail debt delinquency rate was 4%.
Collection and delinquency rates vary by state. For example, in Rhode Island, 18% have student loan debt. Of those holding student loan debt, 7% are in default. Auto/retail loan delinquency rate is 3%.
Avoiding collections isn’t always possible. A sudden loss of employment, death in the family, or sickness can lead to financial hardship. Fortunately, there are many ways to deal with debt including an aggressive payment plan, debt consolidation loan, or a negotiated settlement.
