According to a report issued by the United States Federal Reserve System, as of July 2012:
- Total US credit card debt was over $793 BILLION DOLLARS!
- The average credit card debt per household was $15,799.
- One out of 4 stated that their personal debt had increase by 26% in the last 12 months!
- 76% of college students have credit cards.
I read an article about Survival in the Outdoors recently. Interestingly, many of the lessons on how to survive in an emergency can be applied to how to survive with too much debt.
Step One: Don't Panic!
Stop and take a deep breath! Do not panic. Do not feel ashamned that you are lost or in this prdicament. Some of the best outdoors people in the world have become lost or disoriented, and have run around in circles!
Slow down, relax and take a good look at your situation. There is a way out of this!
The same thing applies with having too much debt. When you finally realize that you are in real trouble with your debt, DON'T PANIC! Take a deep breath and realize that you are not the only one!
There is a way out of this!
Step Two: Evaluate your Circumstances
When lost or in an emergency situation, the next thing you must do is take stock of your circumstances:
- Do you have water, shelter, food, fire?
- Does anyone know where you are?
- What supplies or tools do you have?
Once get a really good look at your situation, you can start to take steps to get out of it!
The same thing applies with having too much debt:
Complete a BUDGET OR FINANCIAL WORKSHEET.
This is the only way you can really know:
- How much debt you really have?
- What are the total of the minimum payments you have to make?
- How much are all of the other household bills?
- Is there any discretionary or money left over at the end of the month?
Step Three: Make a Plan
In a survival situation, once you calm down and get a good idea of your circumstances, you can devise a plan.
Make a shelter. You can survive without food for weeks if necessary and many days without water, but if you are caught in the cold and/or rain, you could die from hypothremia within a few hours!
In other words, you have to survive to survive!
The same holds true for getting out of debt. The most important thing you can do is to formulate a plan. Depending on your unique circumstances, you may need qualify for:
This program allows you to have:
- One monthly payment
- All of your creditors are being paid each month
- Late fees and interest are reduced or eliminated
- Creditors stop calling!
To see if you qualify, --> CLICK HERE <--
But if you don't qualify for the Debt Management Program, you may qualify for a:
This program allows you to have:
- One monthly payment that will work with your budget
- Your debts will be negotiated and settled for much less than the balances
- Creditor calls can be stopped
- Once all of your debts are settled, your credit report will improve
Bankruptcy
If neither of these programs work for you, then you may qualify for BANKRUPTCY. Bankrupcty is a scarry word, but many times, it is the best and only solution.
There are various types of bankruptcies and you should consult a bankruptcy specialist to learn more about your bankruptcy options.
The worst thing you can do in a survival situation is to do nothing! The same thing applies to surviving with too much debt.
We can help point you in the right direction.
For a FREE Consultation, click here.
