How to Get Help for Big Debt
When creditors keep calling and sending you mail full of overdue bills and you don't want to turn on your cell phone because they got your number, it's hard to know where to turn and what to do.
If you pick up the phone, the people on the other end will ask for money you don't have. If you don't start paying, the letters you get say you'll go to court and lose your property. This doesn't help you financially, though, because you can't give them money you don't have.
There is still a chance, so don't give up. You won't waste your time looking for ways to get serious debt help. It might be easier than you think to get help, and it will definitely make your life better as you go through this hard time.
It's not always too late to help yourself.
If you've been getting phone calls and can't pay all of the minimum balances you owe, you might be surprised at how much you can do to solve your serious debt problem on your own if you can just pay something, anything, on your debts. If you talk to your creditors and tell them you want to get back in their good graces but can't pay what you owe right now, they will often offer to lower your minimum payment for a certain amount of time.
If you keep talking to them, you might find that they are willing to settle for an amount that is usually between 70 and 80% of what you actually owe them. If you can get that and be done with the whole thing, do it right away. It will be taken care of quickly, and often nothing bad will show up on your credit report.
If you can't get out of debt on your own and want serious help from a debt relief expert, there are several ways to do that.
There are loans to help you pay off your debts. If you qualify for one of these, you'll be able to pay off your debt with one low monthly payment that will be less than what you're paying now.
There are companies that will help you negotiate with your creditors so that you can get the settlement offers. Most of the time, you will only pay 40–60% of what you actually owe.
Some credit counsellors won't try to lower your total debt, but they will work with your credit companies to lower your monthly interest and minimum payment so you can put more money toward the principal balance.
Any of these options will help you get out of debt, but you're the only one who can keep you out of debt.
There are a number of ways to search for how to get help with serious debt.
When you look at your money and see that you owe that much, it can be hard to believe, but there is hope.
No matter what you do, be careful not to end up in the same financial situation again. I don't think anyone would want to go through this adventure again.
