For many people trying to deal with a crippling amount of debt, the extent of their situation might have snuck up on them. While it’s easy to rack up a large amount of debt, what with education costs, rising cost of living, unexpected medical bills, and trying to maintain any such lifestyle that you’re accustomed to, it’s very hard for most people to pay back these debts that they now have attached to them. So if you have a lot of debt that you’re struggling with getting rid of, here are three potential solutions for your massive debt problems.
Commit To A Payment Plan
While you might have a lot of creditors that you’re trying to work with, it’s important that you’re able to make a plan for paying down each of these loans or lines of credit. To help with this, Kristen Kuchar, a contributor to The Simple Dollar, recommends that you pick a repayment plan that will allow you to pay your monthly amount due for each debt without causing you to stretch yourself too thin. Depending on the types of debt you’re having to pay off, you might be able to get things like income-based monthly payments, zero interest for a period of time, or a grace period for having to pay at all. Make sure you consider all these options when coming up with a payment plan that you can commit to.
Don’t Add Any More Debt
When you’re attempting to pay down your debt and get yourself out from under this burden, it’s only going to do you any good if you’re able to keep yourself from adding any more debt to your credit. According to Trent Hamm, a contributor to LifeHacker.com, it might be a good idea for you to start using only cash for a while as you try to get your spending under control and pay down as much of your debt as you can. For some people, this might be a year or more of using cash as your main form of payment/
Get The Help Of An Attorney
If you really have no idea how to even begin combating the amount of debt that you have, or if you feel like the amount of debt you have has been unfairly heaped upon you, Teresa Mears, a contributor to U.S. News and World Report, shares that you might want to try to find an attorney to help you with your financial situation. An attorney will be able to help you uncover some of your options for relieving some of this debt or filing for bankruptcy if necessary.
If you have a lot of debt that you’re wanting to begin paying off, consider using the tips mentioned above to help you know where to start.
