Getting out of debt does not require bankruptcy
Getting out of debt isn't easy. But it can be done and in many cases without declaring bankruptcy.
"The key is to get help early," says Bill Staler, vice president of Consumer Credit Counseling Service.
"It's much easier for us to help someone that's 30 days delinquent than 90 days delinquent."
Staler says an average family with a debt load of $20,000 or $30,000 can typically qualify for a debt management program. You get reduced interest rates and more time to pay.
"You're paying back 100 percent of your debt under a program that the creditors support and encourage people that need it to participate in."
It may take years to whittle down that debt. Staler says the average debt management program takes four years. But if you have a job, so there's income, get proper guidance and are disciplined enough to make some sacrifices, you can pay down that staggering debt.
"There is help out there and that you don't have to do it on your own and it's only a phone call away."
There are lots of companies that say they can help reduce your debt. I recommend the local non-profit, Consumer Counseling Northwest (http://www.ccnw.org/)
Am I in Financial Trouble?
Many people ignore the warning signs of a financial meltdown or wait too long to deal with it. The sooner you get help, the more likely you are to have a successful outcome. The National Foundation for Credit Counseling has a short quiz that will let you know if you should seek professional help to avoid falling into a deeper financial quagmire.
Take the Quiz
http://www.debtadvice.org/Consumer_Tips/consumertips_02.cfm
Saving during tough economic times
http://www.debtadvice.org/Consumer_Tips/Tips_SavingDuringToughEconomicTimes.pdf
How to deal with medical debt
http://www.debtadvice.org/Consumer_Tips/TipsHowDealMedicalDebt.pdf
How to survive a recession
http://www.debtadvice.org/Consumer_Tips/consumertips_20.cfm
"The key is to get help early," says Bill Staler, vice president of Consumer Credit Counseling Service.
"It's much easier for us to help someone that's 30 days delinquent than 90 days delinquent."
Staler says an average family with a debt load of $20,000 or $30,000 can typically qualify for a debt management program. You get reduced interest rates and more time to pay.
"You're paying back 100 percent of your debt under a program that the creditors support and encourage people that need it to participate in."
It may take years to whittle down that debt. Staler says the average debt management program takes four years. But if you have a job, so there's income, get proper guidance and are disciplined enough to make some sacrifices, you can pay down that staggering debt.
"There is help out there and that you don't have to do it on your own and it's only a phone call away."
There are lots of companies that say they can help reduce your debt. I recommend the local non-profit, Consumer Counseling Northwest (http://www.ccnw.org/)
Am I in Financial Trouble?
Many people ignore the warning signs of a financial meltdown or wait too long to deal with it. The sooner you get help, the more likely you are to have a successful outcome. The National Foundation for Credit Counseling has a short quiz that will let you know if you should seek professional help to avoid falling into a deeper financial quagmire.
Take the Quiz
http://www.debtadvice.org/Consumer_Tips/consumertips_02.cfm
Saving during tough economic times
http://www.debtadvice.org/Consumer_Tips/Tips_SavingDuringToughEconomicTimes.pdf
How to deal with medical debt
http://www.debtadvice.org/Consumer_Tips/TipsHowDealMedicalDebt.pdf
How to survive a recession
http://www.debtadvice.org/Consumer_Tips/consumertips_20.cfm
