Futon Heaven

Statistics show that average Americans are now deeper in debt than ever before. More and more people are finding it impossible to get out from under their debt loads, imperiling their retirement, making major purchases impossible, and leaving them in permanent financial insecurity. These simple rules will help you get out of debt. Then, you can go back to living the lifestyle you’ve always hoped you would have.

1. Get rid of those cards! This may seem too simple, but if you have a heavy load on those cards the best way to recover from it is to stop using the cards! The only way to achieve this is by making certain that you cannot use them, thus cut them up! Another way to approach this would be the possibility of entrusting a credit card to a close family member or friend who can be trusted to hold on the card in case of need, but destroy the rest of those credit cards.

2. Meet with a financial counselor, someone who is specially trained for helping people that are having problems with debt as you are. These professionals will help you form a plan that you can follow, step-by-step, to come out from under your burden of debt, and may even be able to give you some emotional support in the process. Many times these services are free through a non-profit organization or a government agency.

3. Choose debts to pay off wisely: this is a step often ignored by debtors, who are all too eager to rid themselves quickly of debt. They become ambitious, and pay off their first few debts haphazardly. Later, they often lose steam and stop paying off debts, leaving themselves in the same situation in which they began. Instead, with the help of your financial counselor, pick the right debts to pay off first. Select debts that are affordable to pay off, which are accruing at a high rate, and/or which are affecting your credit most severely.

4. debt consolidation : this is the single most important tip we can provide. For most or all people with debt problems, the total debt owed is so vast as to be impossible to pay off immediately. What to do? Consolidate your debts. debt consolidation is a process by which multiple smaller debts are “lumped” into a single sum. This sum can then be paid off with a reasonable monthly payment. Your debt counselor can find an agency to help you take out a consolidation debt loan.

Whether you owe a little or a lot, whether you are in your twenties or almost to retirement, and whether you are just making it or making six figures, debt reduction and debt consolidation will benefit you tremendously. Imagine how freeing it will feel to purchase that house or car, to be able to retire well, or to send your daughter or son off to college, without the fear of chronically increasing debt problems.

Statistics show that the average American today is under a much greater burden of debt than ever before. Here is a summary of tips to leading the debt-free life you’ve dreamed of: 1. First, keep temptation at bay by destroying your credit cards. 2. Second, see a financial counselor. 3. Third, with the help of a financial counselor, carefully select which debts to pay off first. 4. The fourth step is debt consolidation using a consolidation debt loan, leaving you a single, smaller monthly payment instead of a large number of more expensive payments. Reducing your debt will give you a feeling of freedom from an otherwise oppressive debt burden.

- Bruno Auger