Many people, from all walks of life, have to deal with debt that can feel overwhelming at times. When thinking about how to prevent, manage, and overcome debt, there are many questions that arise and some of them do not have simple answers. Understanding the various options for how to deal with debt, however, will help you make the best choice for yourself on how to better your financial future.
One of the first questions we get asked is, “what can I do to get rid of my debt?” Eliminating the debt in one’s life is not an easy answer, but there are many options available. One of the most common is debt consolidation. What exactly is debt consolidation? It is the strategy of taking all of one’s various debts, whether it be credit cards, car payments, student loans, a mortgage, or anything else, and turning it into one, single payment. This is done through an agency, such as ours, and can be very useful if one’s debts are from many different sources.
Another option is debt settlement. What exactly does this entail? Debt settlement is renegotiating one’s agreement with the company the debt is owed to and settling on a new amount that would make the debt paid off. There are caveats to this, such as ability to make payments and credit score impacts, but it can be beneficial if one’s debt is unsurmountable. How does one know if one’s debt is out of hand? If you are struggling to make payments and the amounts keep piling up, it’s time to do something about your debt.
Who should you turn to help with your debt? Do you have to go it alone? The answer to this is a definite no. We at Cain and Daniels are here to help you get and stay out of debt and will work with you and the companies you are indebted to determine the best course of action and negotiate a strategy that will work. For more information about the services we offer and how we can start helping you get out of debt today, please call 855-780-1164.