Have you been receiving those dreaded letters with the red writing recently? Are multiple companies threatening to take you to court? Then you need some advice from someone who’s been there before; someone like me. Not only will debt problems increase the risk of you losing your home or possessions, but they’ll also inflate the chances of you suffering from mental health problems. You see; stress is a complicated human emotion, and even the best psychiatrists and psychologists in the world will tell you they simply don’t understand how it works. Considering that, this article will highlight a number of different solutions you might like to think about when dealing with the issue. Unfortunately, there’s no avoiding this one, and the longer you leave things, the more trouble you will be in.
I personally had three different debt collectors knocking at my door last year, and although I believed firmly that I didn’t owe them any money, it took a long time for me to get rid of them. The point I’m making here is, if you honestly believe you do not owe the money, then you should always dispute the claims of the collector. They have a legal obligation to prove this before you need to pay anyway, so if nothing else, claiming not to remember the debt will slow things down for a couple of months. After that though, you might like to try one of these solutions…
1. Consolidation loan
There are many different debt consolidation services around at the moment, and so you should spend a lot of time online reading reviews to ensure you pick the best possible firm. While this will increase your debt a little (the company has to make money somehow), it could reduce your monthly outgoings considerably, thus freeing up more funds to be spent on your family.
2. Payday loan
You’ve probably seen these advertised on the TV, right? Well, even if you haven’t, companies like Ferratum specialise in providing quick, short term, cash loans to people who need some extra cash to last them until their next payday. Depending on how much debt you’re in and how desperate the situation has become, this could be a good way of keeping the collectors away until you have enough funds to pay them.
3. Credit cards
While you do want to avoid fighting debt with debt, opting to apply for a number of different credit cards could provide you with enough funds to pay your creditors outright. Sure, the debt would then be transferred to the card company, but you’re able to just make small payments each month, which could suit your situation a little better.
4. Online selling
Lastly, if there really is no other option, it might be time to start selling your collectibles online. Nobody wants to allow a debt collector to stand in their home listing all the possessions that will be taken away, and so it’s best to beat the bullet and do this yourself. At least you’ll get a fair price for everything.
So folks, you should now have some great ideas about what you can do to get out of debt in the shortest time possible. I wish you the best of luck with this, and hope you manage to sort things out before they negatively impact on your family.