Many of us begin to accumulate debt from the minute we leave our parent’s home. In 2010, the average college graduate faced $25,000 in debt. The total weight of student loan debt in the U.S. is more than $900 billion. Add to that an average credit card debt per household of $15,956, and most Americans are struggling with debt that has slowly accumulated in their lives. Many have poor credit scores as a result, and cannot get financing for things like home or car purchases. The only real solution is debt reduction and resolution. Fortunately, there are many options available to help you begin to lead a debt free life.
Different Types of Debt
In addition to student loan and credit card debt, there are many other ways your monetary obligations can get out of hand. More than 60 percent of all personal bankruptcies that are filed in the U.S. are directly attributable to medical debt due to the high cost of health care. There is approximately $13.7 trillion in outstanding mortgage debt in the United States. In fact, if you factor in auto loan debt and take an average, ever single person in the U.S. regardless of age owes about $43,000.
While some debt is unavoidable — 50 million Americans have no health insurance and are one medical crisis away from financial disaster — debt can be repaired via many solutions. Most people, however, don’t know where to start and may need the help of a debt management company to regain their financial standing.
Methods of Debt Resolution
The form of debt resolution chosen usually depends on the amount of money owed and the nature of the obligation. There are options available to help you begin leading a debt free life!
Debt consolidation is a simple, inexpensive way to manage your monthly bills and to pay down what you owe. It’s often used to resolve credit card and student loan debt, and is generally arranged through the services of professional debt counselors who contact each of the creditors in turn to lower interest rates and to extend payment terms. The entire amount is then rolled into a lump sum with one payment at one interest rate. With a single bill each month, it’s far easier to effectively budget your money and manage your overall finances.
Credit Counseling and Repair Services
If you believe that you are in serious debt, you may want to enlist the aid of a credit counselor to help you get your finances back on track. A credit counselor or repair service can not only offer you helpful solutions to your particular type of debt, but will also provide needed financial advice and education to prevent you from developing a new debt load in the future. Learning how to manage your finances in a responsible manner is definitely the first and most important step in healing your credit and reversing your debt.
Start Today – Take Control Over Your Debt
There are options available to help you begin leading a debt free life! Start today to take control over your debt by simply completing our contact form. One of our professional debt counselors will get back to you within short and offer you help. There are no obligations, you decide how you want to manage your overall finances.