Dig out of debt
by S Lieberman
As you may have read, the savings rate for people today is at its lowest point in many years, maybe at its lowest point ever. Many people do not even have the two to three months of wages put aside that most financial experts suggest keeping as an emergency fund.Given the low savings rate, any temporary financial setback, such as the loss of a job, a minor home repair or major car problems, can quickly spiral out of control and cause a consumer to run up more debt than they can handle. Suddenly the credit card bill that had been paid in full every month for years is only paid at the minimum level. As you have probably heard, paying the minimum on your credit card is a sure way to accumulate more credit card debt and fall further and further behind each month. It could take decades to pay off even a small credit card balance at the minimum monthly payment. You could literally be paying off that new transmission for 30 years.Of course, it is usually possible to avoid dire situations like this be doing some prudent financial planning. The easiest and simplest financial document you can prepare is a monthly budget. You would be shocked at how many people have no clue where their money is going each month. Getting a handle on your monthly spending may reveal many places where you could cut back, and this step could potentially save you hundreds of dollars a month.When you are trying to dig yourself out of debt, it is important to put any extra money you have toward your debt payments. The faster you pay off your debt, the better your situation will be. You may want to take on a part time job if your schedule allows. Any extra money you can bring in will help you dig yourself out of debt.If you are unable to find enough extra money or take on a second job, you still may be able to get yourself out of debt. Do not be afraid to contact your credit card company or bank directly and negotiate with them. Credit card companies are usually very willing to work with their customers and help them pay off their balances. Remember that your creditors do not want you be forced into bankruptcy. Credit card companies are often willing to provide you with a lower interest rate, lower monthly payments, or even to accept a lower percentage of what you owe. It does not hurt to ask your creditors for better rates.If you are unable to negotiate with your creditors on your own, a qualified debt consolidation can assist you. Do not be too proud to ask for help if you need it. The sooner you get help for your debt consolidation problems, the faster you will be debt free once again.Our credit counseling company will be able to assist you with your credit card debt problem. We will be able to consolidate that debt into one low monthly payment. If you are having financial troubles please feel free to fill out one of our FREE NO OBLIGATION debt consolidation quotes and get yourself on track to becoming debt free. http://www.kimberlycredit.com
About the Author
Been in the debt business for over 9 years asssiting people with debt consolidation. Need help with credit card debt. Kimberly Credit Counseling will be able to assist you. You can start on the road to becoming debt free today. we will be able to assist you with debt consolidation so you can get out of debt quick and easy.View their website at: http://www.kimberlycredit.comView their website at: http://www.kimberlycredit.comView their website at: http://www.kimberlycredit.comView their website at: http://www.kimberlycredit.comView their website at: http://www.kimberlycredit.comView their website at: http://www.kimberlycredit.comView their website at: http://www.kimberlycredit.comView their website at: http://www.kimberlycredit.comView their website at: http://www.kimberlycredit.com
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