Here’s how to get started.
If you’redealing with debt collectors, see to it you know your rights underThe Fair Debt Collection Practices Act.
There are a lot of tactics they aren’t allowed to use, like calling you at certain times.
Check to see if yourdebt has a statute of limitationsthat allows the creditor to sue you for unpaid debt.
Write down how much you owe plus your interest rate for each card.
you could also have a go at negotiate a lower interest on each of your credit cards.
This will help you set a goal timeline as well as break down your repayment amount for each month.
Order your cards from highest interest rate to lowest, and then pay them off in that order.
Keep making a payment of the initial minimum-due amount twice a month until your debt is paid off.
(To keep track, put a reminder on your calendar.)
As you tackle paying off your credit card debt, you should be working to avoid racking up more.
Take a serious look at your expenses,draw up a budgetfor yourself, and stick to it.
Your first step in managing your medical bills is to carefully check them for errors.
double-check you actually used all the services you’re being charged for.
You’ll likely need to show proof that you’re unable to pay.
Crowdfunding: Sites likeGiveforwardallow you to raise money for bills by asking family and friends to donate.
About.com has a few suggestionsof how you’re able to lower your mortgage payments:
Refinance your mortgage.
Doing so can decrease the interest rate you’re paying on your mortgage, saving you money overall.
Ask the lender if they’ve removed this since you own 20% or more equity now.
Extend the timeline of your loan.
Fight the tax assessment.
Many mortgage payments include property taxes, which is determined by your county.
Student Loans
Unfortunately, education debt is becoming more and more common for young people.
If you take a few steps to plan ahead, you might avoid future student loan debt.
you’re able to find scholarships through search tools likeFastweb.
Grants: Very similar to scholarships, though often awarded through organizations or the government, likeFederal Pell Grants.
doesn’t allow you to be able to repay your loans at the moment.
you might usethis tableto figure out if you qualify for student loan deferment.
you could find out more about the various plans and if you qualify on thefederal student aid web site.
Beforeyou declare bankruptcyorsettle your debt, verify you know the potential consequences on your future.
you’ve got the option to always utilizeresources like credit counselorsorfinancial advisor.
However, you’re able to use the tips above to improve your situation and empower yourself financially.
Images by Tina Mailhot-Roberge,armydre2008,jjmontero,ndrwfgg, andjulielindsay.
