Is managing your debt another job?
Feb 01, 2024 4:30 pm
You may be one of those do-it-yourself types who are ready to tackle your current debt situation. And that is fine. So let's get to some ideas on how you can clear off your debt without a professional negotiating a lower payout on your behalf. The very first thing you can do is tap into your savings to clear off your debt.
If you have an emergency fund, this is an option for you to consider. Perhaps you have an insurance policy with cash value that you can tap into. That is also an option. If you have cash available, consider using that to get yourself debt-free. It is important that you do not allow your credit report to go bad.
Remember, bad debts stay with you for 7 years. The next option is to cut the cost of your existing debt. The team at DEBT HEALING by Financially Focused has 30 years experience of in negotiating with creditors for clients. However, you can do this yourself. Here are some suggestions. If you can find a balance transfer credit card then you would be wise to lower your cost of debt by transferring the higher interest rate credit card to the lower balance transfer card.
There is usually a transfer fee, however, the lower interest rate makes a big difference. Moving on from the balance transfer card. You can directly call your banker and ask for a debt consolidation loan to get a favorable rate. Now, here's the thing with debt consolidation loans. Without getting support for behaviour change, in no time you will cycle back into debt and be back at square one.
Another option we like at DEBT HEALING by Financially Focused is to check if you have been unfairly charged by your bank and to start the process to get those fees removed from your account.
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Overwhelmed by debts from Personal loans, Student loans, mortgages, credit cards, and more? 